Cryptocurrency debit cards are about to be launched in Venezuela

Two companies in Venezuela are set to come together to launch crypto debit cards. CriptoLAGO and Glufco have already started working on payment terminal for merchants along with the payment mechanism for shoppers as the country fights with high inflation rates due to economic sanctions.

Nicolas Maduro the President of Venezuela’s said that the central bank along with the finance minister are focused on introducing new instruments soon to enable people to complete their banking transactions both national and international through the central bank’s account.

If you remember recently it was said that the government and the central bank were looking at holding physical cryptocurrency reserves.

The countries native currency (Bolivar) has been hit massively by the economic crisis and the government are looking to cryptocurrencies to solve this problem. They also have already sanctioned the Petro which is a digital currency for the state-owned company PDVSA. They are also now looking into whether they can pay suppliers and contractors with “Petro’s”.

Although the government are being forced into this it will be a great experiment to see if the public jump on board with the digital currency revolution and if it is successful maybe more nations will look at the technological opportunities that cryptocurrencies and blockchain provide.