Crypto News: Venezuela to Integrate Bitcoin and Stablecoins into Banking Network
Venezuela is set to integrate Bitcoin and stablecoins into its national banking network. Specifically, this major move is a direct response to hyperinflation.
Conexus, a major Venezuelan payments firm, is developing a crucial system. The company accounts for around 40% of the country’s electronic transactions, such as USDT. As a result, Conexus is developing a banking system integration. Thus, it covers both Bitcoin and even stablecoins like Tether (USDT). Also, this planned service enables banks to provide different crypto services. Indeed, custody, transfers, and fiat exchange are brought in.
Regulated Framework Offers Security and Stability Against Bolívar
This new system is scheduled to launch in December 2025. Furthermore, Gasparri said the currencies are volatile. Thus, the company is developing a blockchain project. As such, stablecoins are a popular choice for hedgers in Venezuela. In addition, two approved applications are already implemented in the country. Therefore, this integration will significantly transform the current perspective of cryptocurrencies in this country.
Related Reading: Stablecoin Adoption Grows in Venezuela Amid Mounting Tensions | Live Bitcoin News
In addition, this powerful move offers a lot of security. Specifically, holders will be covered by the formal banking regulation. As a result, this controls the flow of both Bitcoin and USDT. Moreover, it has the right regulation and high transparency. Thus, holders of these new monetary assets are really protected. Indeed, this integration is a historic milestone for the Venezuelan banking system.
Although this is still being studied in other countries, Venezuela is already creating it. This, therefore, sets a great precedent for others around the world. As a result, the initiative allows citizens to use digital assets in a newly regulated manner. Moreover, this has a direct answer to the depreciation of the bolivar. In particular, the currency is still subject to severe hyperinflation.
The new system will enable local banks to provide essential services. Specifically, this includes crypto custody services. Besides, banks can control transfers and exchanges. As a result, there is a direct exchange of both crypto and fiat currency. Moreover, every transaction flows through customers’ existing bank accounts. Thus, the project is a direct reaction to the increasing public use of stablecoins. Indeed, citizens use crypto as a way to safeguard their savings.
Conexus Interbank Network Sets Precedent for Global Inflation Models
Specifically, Conexus is leading the project as a whole. It is working on a blockchain-based interbank platform. In this way, this advanced network will help in the seamless integration of digital assets. Additionally, the project has a direct impact on the high volatility and economic instability of the country. In fact, stablecoins provide a much-needed hedge to the national currency.
Ultimately, the new system is geared toward making security and compliance better. So that is accomplished by bringing digital assets under the force of a robust regulatory framework. Hence, this move is likely to soon create a higher level of public trust. Furthermore, the successful integration has potential Global consequences. Thus, the Venezuelan move could become a precedent.
Moreover, analysts currently think the entire platform could launch in a short time. In fact, this implementation would take place as soon as December 2025. This launch, according to Gasparri, will be a revolutionary change to the banking system. Furthermore, banks can directly address crypto holders in the near future. Thus, this will officially legalize the use of Bitcoin and stablecoins. Indeed, this has increased the pace of financial innovation greatly.
The post Crypto News: Venezuela to Integrate Bitcoin and Stablecoins into Banking Network appeared first on Live Bitcoin News.
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