All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Venezuela’s Pago Móvil architect is building a regulated banking network for USDT and USDC deposits.
- Bolivian exchange El Dorado integrates QR code payments to streamline its peer-to-peer transaction process.
Rodolfo Gasparri, president of the Venezuelan company Conexus, is developing a banking network based on decentralized technology. This project aims to enable users to make deposits and transactions using stablecoins. Gasparri is a recognized figure in the Venezuelan financial sector, having been involved in the development of the Interbank Mobile Payment system.
The initiative seeks to incorporate digital assets like USD Tether (USDT) and USD Coin (USDC) within the traditional financial system. This process would include regulated custody and supervision mechanisms for these digital currencies.
Gasparri explained that the use of these assets has become a common practice among Venezuelans. Many citizens use them as a method to safeguard their capital against the exchange rate volatility affecting the local economy.
Integration of Payment Models in National Banking
The model under development aims to integrate traditional payment methods with the cryptocurrency environment. Gasparri stated that it is essential to incorporate this scheme into the national banking system to modernize financial services. The Conexus plan envisages financial entities being able to offer deposit and custody services for cryptocurrencies. These services would operate while guaranteeing transparency and regulatory compliance for all involved parties.
According to Gasparri, this scheme formalizes the circulation of Bitcoin and USDT under clear rules. This regulation provides formal protection for the holder of these digital assets, something currently lacking in the informal market. Although the project does not have a defined implementation date, it is in an active development phase.
Gasparri compared its potential reach to the impact that Mobile Payment had on the Venezuelan financial system. He affirmed that this new integration will mark a turning point in the history of the national banking sector. He recalled that approximately 40% of payments in Venezuela are made through the interbank Mobile Payment mechanism.
Global Trends and Local Context of the Project
The executive highlighted that the initiative follows trends set by international financial institutions. He cited BBVA in Spain as an example, which already allows operations with USDT directly from its banking application. He also noted that the Swift network is updating its global infrastructure to process operations with cryptocurrencies. In his opinion, these moves at the international level reinforce the need for Venezuela to adopt this type of technological integration to avoid being left behind.
Gasparri’s plan is being executed in a context where the use of USDT in Venezuela is showing sustained growth. This increase is driven by the rise of applications and integrations of local companies with Binance, the world’s largest exchange by trading volume. The adoption of cryptocurrencies appears to be an organic response to the country’s economic conditions.
Technological Advances in Other South American Markets
Meanwhile, in Bolivia, the cryptocurrency exchange El Dorado has incorporated a new function that enables payments via QR codes within its peer-to-peer platform. This tool is designed to facilitate direct transactions between users. The company reported that this tool responds to a specific need detected among its local clients. Previously, these users manually shared their QR codes through chats for each operation, a process that added extra steps and unnecessary friction.
Guillermo Goncalvez, CEO of El Dorado, explained that in Bolivia, many users shared their QR codes via chat when conducting a P2P operation. With the new update, it is now possible to upload a QR code from any bank or wallet as a predefined payment method. This code is automatically linked to each transaction. The QR code is saved on the platform and can be reused until its expiration, thereby reducing errors and streamlining the crypto asset buying and selling process.
The platform highlights several advantages with this new addition: reinforced security, faster payments, and a reduced possibility of human error. The buyer can download the QR code directly from the generated order and make the payment immediately from their banking application or digital wallet. For the time being, this function is available exclusively in Bolivia. However, El Dorado indicated it could extend it to other countries in the region if user reception is positive.
The arrival of this function coincides with a moment of profound change in Bolivia. Following the victory of Rodrigo Paz Pereira in the recent presidential elections, there is a widespread expectation of a potential opening of the country towards financial innovation. It is speculated that the new administration could promote a framework more open to the regulated use of digital assets, which would create a more favorable environment for developments like El Dorado’s.
