Venezuelans are now paying in crypto without internet
The top Venezuelan exchange Criptolago announced to have launched a service that supports crypto payments via a text message. Hence, no internet connection will be required to process such payments.
This launch was a response to the president's Nicolas Maduro's urge for the companies to come up with an offline payment method parallel to the traditional banking operations and compatible with the new Petro cryptocurrency.
“Following the guidelines of our president @NicolasMaduro and in favor of our #criptonation, with the new function of Payments for #SMS we have opened the possibility for all the Venezuelan people to carry out #Petro transactions in a very practical way.”
However, Petro is not the only token listed on Cryptolago. Its users can now send Bitcoin, Litecoin, Dash and Glufco offline as well. Besides that, the platform also allows transactions in Bolivars - the national fiat currency.
On the other hand, the whole excitement is being slightly overshadowed by the volatility of Petro. It is challenging to agree on a rate for the token as its price is too unstable to be considered a practical method of exchange. The official sources state that the Petro is worth $58.9 per token but it was traded for about $11.50 on the local Amberes crypto exchange just a few days ago. And on the very same day on Criptolago, the Petro reached $20 per token.
Before launching an offline payment option Criptolago has partnered with Venezuelan crypto payment processor Glufco offering its customers an option to make crypto payments with a card similar to the usual credit or debit cards used for regular bank payments. The platform is considered to be the most adept one in the country for offering advanced cryptocurrency solutions.
Given poor internet connectivity in Venezuela and hyper-devaluation of its national currency, Criptolago offline crypto payment service might really show some positive results over time.