The Bank of Venezuela’s partnership with financial startup Glufco will allow citizens of the country to buy dollar-pegged stablecoins through the state biometric payment system Biopago. This informs Decrypt.
Biopago acts as a bridge between the Bank of Venezuela and the Patria system, through which settlements are regulated, as well as bonds and government financial aid are distributed.
The exchange for Glufco stablecoin takes place at the expense of state social security funds.
Listing a coin on a number of trading platforms opens up the opportunity for citizens to further purchase cryptocurrencies, including bitcoin LTC, DOGE and USDT.
The stablecoin Glufco is currently listed on small exchanges: Waves, Graviex and Vindax. There is also an OTC market on the local licensed exchange Criptolago, where stablecoins can be exchanged for Bitcoin or Bolivars.
Glufco accepts bolivars, Chilean pesos, Peruvian salts and US dollars. It also supports payments using the popular Venezuelan platform Zelle and various stablecoins.
Recall that in October 2020, the Venezuelan authorities approved a test launch of the decentralized stock exchange (BDVE), which is positioned as the world’s first platform “connected to the system of cryptocurrency markets.”