Crypto Exchange Coincoinx to Launch Crypto to Fiat Payments App in Venezuela – Even while the use of cryptocurrencies as a form of payment is gradually becoming more widespread and popular throughout the world, many retailers and service providers still do not accept them.
However, firms that integrate conventional bank-based payments with cryptocurrency are expanding and giving crypto users functionality. A service that combines crypto and fiat for traditional payments has been launched, according to Venezuelan cryptocurrency exchange Coincoinx.
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With the help of the Coinpago service, exchange users will be able to send payments while on the go without having to trade their cryptocurrencies for money.
Users of Coinpago will be able to skip the exchange process and utilize the Pagomovil service, enabling them to make payments everywhere that this type of bank-based payment mechanism is accepted.
While it used to be against the law to use the dollar in Venezuela, the situation has changed recently, with the dollar playing a significant role in the country’s global payments system.
The implementation of the foreign fiat and cryptocurrency tax, which adds 3% to any payment made in these, has caused the native fiat currency to start reclaiming a significant role in payments.
Due to people being persuaded to use fiat instead of cryptocurrencies, the number of cryptocurrency payments has reduced. Coincoinx aims to address the issue with the suggested service, which is now under beta testing. The tool will also enable those living abroad to send fiat payments to cover family members’ purchases made in the country, substituting remittances in the process.
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The exchange’s CEO, Leonardo Galindez, stated:
“We want to make people’s lives easier by providing them with this tool. They will be able to make a pago movil instantaneously, for instance, if you have a relative in Spain who opens a CoinCoinX account and has funds available in tether or bitcoin.”
