A system that bridges traditional banking and blockchain is currently in the works in Venezuela.

Conexus, a company that manages a system that drives 40% of the electronic transfers made in Venezuela, is now in the early stages of research and development of a platform that will bring bitcoin and stablecoins to banks.

The system, when completed, will allow Venezuelan banks to offer custody and transfers for these assets, as well as exchange services with fiat currencies.

Roberto Gasparri, head of Conexus, explained that the idea of a blockchain project surged because of the necessity of Venezuelans to manage these assets.

Gasparri stated:

We’re working on a blockchain project because currencies fluctuate so much, and these days people in Venezuela are using stablecoins for hedging; in fact, there are two authorized applications in the country.

He described that this would change the current vision of cryptocurrencies, given that holders would be protected by banking regulations. “This provides a great deal of security because it regulates the circulation of bitcoins and USDT with transparency and appropriate regulations. Holders of these monetary assets are truly protected,” he assessed.

While there is no date for the launch of this platform, analysts believe it might be implemented as soon as December. Gasparri trusts it will mark a turning point in the history of the Venezuelan banking system.

While other nations are still studying similar implementations, Venezuela is already developing it, which would mark one of the first developments of this kind in the country and the world.

The platform, when finally launched, could serve as a blueprint for similar initiatives in other countries, and even open the doors for an interconnected international network leveraging blockchain, and potentially central bank currencies, for foreign settlements.

These and similar developments by banks and payment companies signal a growing adoption of blockchain technology to simplify and make transactions cheaper around the world.

The Venezuelan case is unique, as the need for a stable store of value is driving this push, which other nations facing the same difficulties, namely inflation and devaluation, might follow.

• What banking initiative is currently being developed in Venezuela?
  A new system is being created to bridge traditional banking and blockchain, allowing Venezuelan banks to handle bitcoin and stablecoins.

• What company is managing this project and what is its significance?
  Conexus, which oversees 40% of Venezuela’s electronic transfers, is leading the research and development of this innovative platform.

• What services will the new system provide for Venezuelan banks?
  The platform will enable banks to offer custody, transfer services for cryptocurrencies, and exchange these assets with fiat currencies.

• Why is this initiative important in the global context?
  This project positions Venezuela as a pioneer in developing blockchain banking solutions, potentially serving as a model for other countries facing similar economic challenges.

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