Venezuelan crypto commutation Criptolago has announced that it volition launch a text bulletin-based payment system that tin can process transactions in Venezuela'southward oil-backed Petro (PTR) and other cryptocurrencies.

The system may expose new segments of Venezuela's population to cryptocurrencies amid the state'southward ongoing hyperinflation crisis — with the value of the Venezuelan bolivar fluctuating past 1.58% in the past 24 hours and roughly 2,500% in 12 months.

Criptolago unveils SMS-based crypto transfers

In a tweet published on April 6, Criptolago stated that it adult the service in response to a call from the land's president for financial companies to develop payment platforms parallel to the Venezuelan cyberbanking organisation that tin can process Petro transfers:

"Following the guidelines of our president @NicolasMaduro and in favor of our #criptonation, with the new office of Payments for #SMS we accept opened the possibility for all the Venezuelan people to carry out #Petro transactions in a very practical way."

The SMS-based payments organisation can besides process offline transactions in all crypto assets supported on Criptolago, meaning that Venezuelans can now transfer Bitcoin (BTC), Litecoin (LTC), Dash (Dash), Venezuela bolivares and the proprietary token of the Venezuelan "investment cryptobank" Glufco without an internet connection.

With roughly xxx% of Venezuela's citizens unable to access the internet, Criptolago's SMS-based payments system will probable enable new segments of the population to engage with cryptocurrencies. The service is exclusively available to registered users.

Venezuela is already the dominant source of book on other offline crypto payment platforms — with the country representing 95% of the transactions using DashText since May 2022.

Venezuelans unable to agree on the price of Petro

Despite efforts from Venezuela'south president and erstwhile-bus driver Nicolas Maduro to mandate the use of PTR as a means of substitution in the country, an apparent uncertainty in the market makes the instrument unsuited for utilise as a currency.

According to local crypto news site Morocotacoin, on April 6, PTR was trading for $23 on Criptolago and $11.5 on AmberesCoin while official sources claimed Petro's price to be above $l.