Venezuela Embarks on Blockchain Integration With Traditional Banking

Venezuela is forging ahead with a pioneering initiative to integrate blockchain technology into its traditional banking system. Conexus, a company that powers 40% of Venezuela’s electronic money transfers, is currently developing a platform designed to connect stablecoins and Bitcoin to the country’s banking network. Once implemented, this project will enable Venezuelan banks to provide custodial services for these digital assets, along with facilitating fiat currency exchanges. While a specific launch date remains undisclosed, analysts anticipate that the system could become operational as early as December.