Coincoinx is rumored to be launching a service which allows users to stop trading cryptocurrency for fiat, in order to pay Venezuelans. Coinpago will enable users to make payments at any retailer and store in Venezuela that accepts Pagomovil. It is a bank service that facilitates seamless fiat transfers among banks.
Coincoinx makes it easier to make crypto payments in Venezuela
Although cryptocurrency has become more mainstream and is becoming increasingly popular all over the globe, many service providers and retailers still refuse to accept cryptocurrency payments. There are services that offer both crypto and traditional bank-based payment options. These services have been growing and provide functionality for crypto users. Coincoinx is a Venezuelan cryptocurrency exchange that has launched a new service which will allow traditional payment methods to be made using crypto and fiat.
Coinpago allows users to transfer their cryptocurrency and make fiat-based payment. This will allow them to be able to send payments wherever they are. Coinpago users will be able to bypass the exchange phase by making use of Pagomovil, which allows them to pay anywhere this bank-based payment option is accepted.
Payments Scene
Although the Venezuelan law forbid the use of dollars in Venezuela, the situation has changed in recent years. The dollar now occupies a prominent spot in the international payments landscape of Venezuela. Due to the addition of the cryptocurrency and foreign fiat taxes, however, native fiat currencies have begun to take back an important place in payments.
The number of people paying cryptocurrency has fallen, and they are more likely to choose fiat currency. Coincoinx is currently in beta and aims to fix this problem with its proposed service. Coincoinx will let people from outside the country make fiat payments in order to buy goods and services for their relatives. It can be used as an alternative to remittances.
Leonardo Galindez is the CEO of the exchange.
We hope this tool will make your life simpler. If you have someone in Spain that has opened a CoinCoinX bank account, and they have funds in bitcoin or tether, then they can instantly make a pago movil.
How do you feel about the new service that allows crypto-to fiat transactions in Venezuela? Is it possible? Please comment below.
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