Dollar ATMs scheduled to be activated in Venezuela will be canceled

The US dollar ATMs announced by AKB Fintech in October and due to be activated in various locations in Venezuela this Saturday, November 7th, have been canceledas the company announced this week via its Instagram account.

As can be read in the announcement that the company has prepared, The reason that motivated the suspension is because of the “confusion and doubts” that have arisen in connection with the introduction of dollar ATMs, not to mention whether the obstacles that halted the introduction were related to regulatory, financial or financial aspects. associated logistics.

Likewise, the company announced that they are doing so Efforts to forge alliances with traditional banking to “meet the needs of its customers”without clarifying whether they can provide the services suggested in this way.

The Central Bank of Venezuela is reminiscent of exchange control

Dollar ATMs scheduled to be activated in Venezuela will be canceled
Dollar ATMs scheduled to be activated in Venezuela will be canceled

As mentioned in Cointelegraph, the Central Bank of Venezuela issued an official circular in October calling on the national banking sector to “Immediate discontinuation of products or services that banks (…) offer to their customers and / or users in order to facilitate the payment of goods and services in foreign currency in the territory of the Republic”Recall that in Venezuela there was still an exchange control that regulated transactions in dollars within the country.

The circular also mentioned that no fintech was authorized to offer services in foreign currency within the country. Regarding this point, AKB Fintech himself had mentioned that the company operated by his company is “a technological process that is not regulated by a specific law”.

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