Remitano, the leading exchange in Asia, Africa and part of Europe, announces that it will accept Bolivar on its platform for exchanging with escrow accounts in addition to a reward program for using them.
Venezuela was a fairly important crypto market in Latin America, so major exchanges and P2P exchange platforms are constantly doing what is necessary to offer their services in this Caribbean country.
Bitcoin is one of the countries hit by hyperinflation and continuous devaluation of the local currency. The use of other types of cryptocurrencies was a means of escaping the onslaught of the economy, and as a result it became more common and accepted. through as a medium of exchange for goods and services.
In this context, Remitano is starting the test of wallets in sovereign bolivars (VES) that allow users to deposit and withdraw this FIAT currency. This test that is started has transaction volume restrictions and there must be a certain level of verification in place to access the use of this wallet within the platform.
The press release on the portal indicates that for operation with wallets in this type of FIAT currency, certain aspects must be taken into account, namely:
“The tests for the wallets in Bolívares are in the alpha phase. During this trial period, Level 4 and Level 5 users will be able to deposit and withdraw a maximum of 20,000,000 VES per transaction.
Level 1 and 2 users are currently unable to make deposits, although they can make withdrawals with similar limits.
Unchecked accounts are not allowed to make any deposits or withdrawals. With these starts, it is possible to buy and sell cryptocurrencies quickly and securely. This is excellent news for Venezuelans who have a significant presence in the global cryptocurrency business. “
The note also notes that the platform has made a number of updates to include this wallet in the Venezuelan FIAT currency, including automatic operations processing, which means the platform can track transactions even when it is not connected to the platformThis is an important and positive aspect for Venezuelans, as citizens often suffer from power outages and access to the Internet is almost impossible to keep stable.
In addition, in search of sponsorship for the use of these wallets, the platform offers a reward program for those who start activities on the platform with the new FIAT wallet. These advantages are:
“Gift commission: From August 20th to November 11th, 2020 you will receive a commission of 0% and a discount of 50% in the following month.
Referral Gift: Earn USDT 25 for a friend you refer who completes KYC verification between August 20 and November 11.
New User Gift: First 1000 users will receive USDT 5 after completing their KYC verification and trading from August 20th to November 11th. “
This set of incentives is very attractive to users of the platform, so adoption by Venezuelan users is likely to be quite high. Using the platform to enter and withdraw money in local currency is basically very easy. It is done by bank transfer and is usually done with immediate accreditation.
In Venezuela, banking operations within the same banking company are instantly accredited, and there is another set of accreditation deferrals that are widely known to Venezuelans.
Remitano with this service is similar to what Binance is already doing in the country. It offers a secure platform for exchange, each with its operational specificity, but ultimately uses a fairly important market in the country.
Is the LocalBitcoins monopoly falling?
In the past, LocalBitcoins has been the platform where the highest volumes are registered in Venezuela and Latin America in general. This can be seen as the preferred platform for running Latinos. Escrow’s accessibility and service have made it a reliable platform to operate.
The clear difference between the two platforms is that LocalBitcoins do not deposit or withdraw in fiat currency. Only the escrow service is provided which does not require deposits or withdrawals in local currencies as payments are made between third parties and the platform only acts as an “arbitrator” between the parties.
In the same way, today there are other platforms that offer this type of service, such as Paxful, SatoshiTango, LocalCryptos, Local.Bitcoin.com, Airtm, Buda and many others that exist in the crypto world and each have specific trading methods , some with services in multiple crypto-like and other specific crypto pairs.
The reality is that LocalBitcoins is no longer the only platform moving the volume of bitcoin and crypto in the region. However, it is currently one of the most important in the region as it handles high volume in its transactions, which is more pronounced when governments such as Argentina, Venezuela, Peru, Chile or Colombia show signs of new economic instability. This results in users using cryptos as a protection for the value.
For this reason, initiatives like Remitano are positive for countries like Venezuela, they guarantee efficient trading in cryptocurrencies and, as expected, are simple and almost immediate.
In order for Remitano users to use its services, they must meet the Verification Requirements (KYC) so that they can work without major inconvenience and thus take the opportunity to have a prestigious platform with a wallet in local currency that allows access to trading with no alternative methods.
Venezuela is still a country with a lot of cryptographic volumes. In fact, the government has introduced its own currency called Petro, which has been criticized and rejected by the crypto world as being centralized and controlled, which exactly goes against the nature of cryptocurrencies.But in the midst of an economic crisis, the Venezuelan government claims it found the solution in the issue of Petro to have.