Crypto Exchange Coincoinx to Launch Cryptocurrency Payment App in Fiat in Venezuela – Emerging Market Bitcoin News

Crypto Exchange Coincoinx to Launch Cryptocurrency Payment App in Fiat in Venezuela – Emerging Market Bitcoin News

Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading cryptocurrencies for fiat to make payments in Venezuela. The service, called Coinpago, will allow users to make payments at every store and retailer in the country that accepts Pagomovil, a banking service that enables seamless fiat transfers between banks in the country.

Coincoinx facilitates crypto payments in Venezuela

Although cryptocurrencies are slowly becoming mainstream, becoming more popular in many locations around the world, there are still many merchants and service providers that do not accept cryptocurrencies as a means of payment. However, services that combine traditional bank-based payments and cryptocurrencies are growing and bringing functionality to cryptocurrency users. Coincoinx, a cryptocurrency exchange in Venezuela, has announced the launch of a service that will combine cryptocurrencies and fiat for traditional payments.

The service, called Coinpago, aims to allow users of the exchange to bypass trading their cryptocurrency to make fiat-based payments, so they can make payments on the go. Coinpago will allow users to skip the exchange stage and give them the option to use the Pagomovil service, allowing people to pay wherever this type of bank payment method is accepted.


Payment Scene

While some time ago the use of the dollar in Venezuela was prohibited by law, in recent years this situation has become more flexible, with the dollar occupying an important place in the country’s global payment landscape. However, domestic fiat currency has begun to regain an important place for payments due to the introduction of foreign fiat and cryptocurrency taxwhich adds 3% to any payment using these.

This has reduced number of cryptocurrency payments, where people are forced to pay fiat. With the proposed service, in its beta stages, Coincoinx aims to solve the problem. The tool will also allow people outside the country to make fiat payments to pay for their families’ purchases in the country, serving as a way to exchange remittances.

Leonardo Galindez, executive director of the stock exchange, stated:

With this tool, we try to make life easier for people. For example, if you have a relative in Spain who opens a CoinCoinX account and has available funds in tether or bitcoin, they will be able to make a pago movil immediately.

What do you think about this new service to facilitate crypto-fiat payments in Venezuela? Will it be successful? Tell us in the comments section below.

Crypto Exchange Coincoinx to Launch Cryptocurrency Payment App in Fiat in Venezuela – Emerging Market Bitcoin News

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as a latecomer, having entered the cryptosphere when the price spike occurred during December 2017. Having a background in computer engineering, living in Venezuela and influenced by the cryptocurrency boom on a societal level, he offers a different perspective on crypto success and how it helps the unbanked and underserved.

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