Venezuela: Prepaid VISA Card With Cryptocurrencies
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In a previous article I talked about the launch of NFC Cryptocard for Venezuelans by the exchange platform Cryptobuyer.
This company recently crystallized this project through the possibility for Venezuelans to obtain VISA Credit Cards, prepaid with cryptocurrencies.
People who have this VISA card will be able to recharge it using the cryptocurrencies authorized for exchange within the platform:
- Bitcoin (BTC)
- Litecoin (LTC)
- DASH
- Ethereum (ETH)
- Theter USD (ERC20)
- DAI
- Binance Coin and Binace USD
- Cryptobuyer Token (XPT - Native Token)
The card application/delivery process contemplates a period of 30 days, which could be prolonged as a result of logistical limitations caused by the pandemic by COVID-19.
This financial instrument service is available not only for Venezuela but for other Latin American countries with the exception of Cuba and represents an opportunity of great value for Venezuelans since the amount recharged to these cards is immediately converted to dollars, passing to the available balance represented in American currency.
Application Process.
It is very simple, we only have to access the Cryptobuyer platform , register and perform the account verification (KYC).
Then in the dashboard we access the option VISA Cryptobuyer Card and we accept the terms and conditions.
The application fees are applied to cover the initial cost of issuing the plastic of the card and they are not refundable.
Further:
Card Issue: 40.0 USD
Card renewal from the second year: 15.0 USD
Commission for payment in shops: Free
Recharge commission: 3%
Conclusion
Venezuelans have learned to appreciate the value of cryptocurrencies, many of us have adopted them as part of our daily economy and also as a way to protect our heritage from the effects of devaluation and uncontrolled inflation that plagues the economy of our country.
The fact of having a financial instrument of this nature provides a great benefit to the Venezuelan population for two main aspects:
Initially, we would be learning a new way to bring the value and power of cryptocurrencies to our daily lives, through the implementation of an instrument as basic and elementary as a credit card.
On the other hand, by converting the balance deposited with crypto into dollars, our capital would be protected from the devaluation of the national currency while we obtain the flexibility of a universal currency such as the US Dollar. This would also allow making purchases online and with the dollarization process of the national bank (which is in full swing) it would also be possible to obtain dollars in cash at ATMs. Not to mention that VISA is a brand accepted in almost all businesses in the world.
@juanmolina
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It is so good to see evolution coming everywhere.
You're totally right.
Wow. I'm sure that if this card accepted STEEM, this would be a shot to the ground, not even they lose and we Venezuelans win. with this card. I want a hehehe.
If they accepted steem, that would be a dream come true.
But still, we need to have one. It is worth investing that $40 of operating expenses. Don't you think?
@tipu curate
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Good item, a card application submitted would cost around $40 and that's a barrier for many who prefer the simplicity and low costs of using coins as a means of payment.
You're right, $ 40 looks like a high initial commission. But the benefits of having a card with dollars exceed that barrier. At least in Venezuela.
Certainly to the set the balance deposited in the card turned into dollars, we would be this way protecting us of the inflation, I like the idea of being able to withdraw this money deposited in the credit card in cash by means of the automatic tellers, and finally as you say the best thing is that we have a credit card that is recognized worldwide as it is it visa. Greetings @juanmolina and thanks for sharing this post that I consider very relevant.
Thanks for your valuable comment dear @carlos84.