Venezuelan exchange Criptolago allows everyone to send crypto without Internet connection
The Venezuelan Criptolago crypto exchange has developed a service that allows its clients to conduct cryptocurrency transactions via SMS. The company’s management hopes that this service will help to speed up the adoption of cryptocurrency in the country, i.e. to make coins more popular among ordinary people.
The system developed by Criptolago appeared in response to an initiative launched by Venezuelan President Nicolas Maduro. Earlier he urged companies to develop new payment mechanisms parallel to the traditional banking system. The President stressed the importance of distributing the national cryptocurrency Petro in such platforms.
Clients of Criptolago can send coins, which are traded on this exchange, via SMS. Their list is represented by Petro, Bitcoin, Litecoin, Dash and Glufco, which is a token of the local payment platform.
So far, the service is only available to registered Criptolago users. However, it is not the main problem. What is more important is that it is very difficult for Venezuelans to determine the price of the national coin Petro.
The fact is that the price of the coin is very different at different platforms. The government estimates it at 58.9 dollars, but on the local Venezuelan exchange Amberes Petro can be sold only for 11.50 dollars. So the difference is more than five times. At the same time, at Criptolago, the national cryptocurrency is traded at $20. The gap is smaller, but it’s still huge.
Before the Criptolago initiative, the Venezuelans as early as 2018 had the opportunity to send the crypto by SMS using the so-called Dash Text — an offline wallet for the Dash cryptocurrency. At the moment the system has more than 8000 active accounts in the USA, Colombia, Spain, Brazil and Venezuela, which is a good result. Account holders only need to send a text message about sending coins, and the system will automatically perform the transaction in the blockchain.
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