Venezuela’s bank enables citizens to buy stablecoins

The Bank of Venezuela’s partnership with the fintech startup Glufco will enable citizens to buy dollar-linked stablecoins through the state biometric payments system Biopago. This, reports Decrypt.

Biopago serves as a bridge between the Bank of Venezuela and the Patria system, through which settlements are regulated, as well as the distribution of bonds and government financial aid.

Exchange for the Glufco stablecoin is funded by the state social security funds.

The listing of the coin on a number of exchanges opens the possibility for citizens to further buy cryptocurrencies, including Bitcoin, LTC, DOGE and USDT.

Glufco is currently traded on small exchanges: Waves, Graviex and Vindax. There is also an over-the-counter market on the locally licensed Criptolago exchange, where stablecoins can be exchanged for Bitcoin or bolivars.

Glufco accepts bolivars, Chilean pesos, Peruvian soles, and United States dollars. It also supports payments using the Zelle platform popular in Venezuela and various stablecoins.

In October 2020, Venezuelan authorities approved test launch of the decentralized stock exchange (BDVE), which they position as the world’s first platform, ‘connected to the cryptocurrency markets system’.

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