It was announced on November 3rd via the social network Telegram that Venezuela will be one of the Latin American countries where the new Cryptocurrency Prepaid VISA card from Cryptobuyer will be available.
The financial instrument supported by VISA can be requested from anywhere in the world via the platform of the Latin American company Cryptobuyer. with a few exceptions from Japan, China, Cuba, the USA, North Korea, South Africa, Saudi Arabia and Romania.
Because it is an international financial product that meets the highest standards of compliance with laws, certain general conditions apply depending on the country from which the request is generated, e.g. Venezuela has minimized the number of requirements required to have a product available to citizens of the entire region, including accepting passports that expired in 2019 as well as ID card. Both requirements are international VISA requests to offer a card with USD credit for worldwide use.
The rechargeable Visa card can be used at any point of sale in shops and ATMs, worldwide compatible with the VISA networkIt can be topped up with cryptocurrencies that are supported in Cryptobuyer, such as Litecoin (LTC), Dash, Ether (ETH) and Stablecoin Tether (USDT).
In order to top up the VISA card, the user must register and verify on the company’s platform. After reloading, the funds are automatically loaded in USDThen the user can dispose of the money if he thinks it best, or withdraw it in cash from an ATM. In the event of a return, the corresponding refund will be made.
The cost of issuing the card is USD 40, an annual renewal of USD 15 and a reload commission of 3%. However, the card has the advantage that payments in commercial establishments can be made without topping up. The prepaid VISA card also has no daily transaction limits and does not generate any maintenance fees in the first year of issue.
The delivery time for the card is approximately thirty days. However, Cryptobuyer emphasizes that due to the current situation due to the Covid-19 pandemic, delay problems may arise.
Cryptobuyer prepaid VISA debit card is an alternative for the Venezuelan financial market that offers Venezuelans solutions to the rules of the financial system for carrying out this type of proposal in the region. This was confirmed today exclusively for Cointelegraph, Cryptobuyer CEO Jorge Farías.
In this regard, the CEO of Cryptobuyer points out that:
“The Visa debit card has been working for over a year and is looking for a provider that will allow us to offer services to all of Latin America as companies wishing to offer them in South American countries have regulatory compliance restrictions.”
He also mentioned the agreement with Visa, the digital card processing company that connects financial institutions, businesses and governments. Add that this agreement, With it, they have been able to create a product that is not only available to people in Latin America but can also be used digitally for online purchases that they hope will have a huge impact on the Venezuelan market.
“We have a product that allows people to top up cryptocurrencies that are converted to dollars and have their dollar balance available on cards that can be used anywhere in the world.”said Jorge Farías very excited about the announcement.
The growth of the cryptosystem in Venezuela is becoming more and more expandable and takes place with the involvement of various actors who, given the economic situation of the country and as a transaction mechanism, increasingly develop solutions for the Venezuelan citizen.