The organization already has a “very robust” blockchain network, he stated.
Consider that the GENIUS Law opens doors for new businesses with stablecoins.
In Venezuela, an application is already being developed for the country’s banking system to custody stablecoins such as USDT or other cryptocurrencies. This was revealed this Tuesday by Rodolfo Gasparri, president of Conexus, a company specialized in the processing of electronic transactions.
The executive revealed that the The organization he leads also already has a blockchain networkwhich he described as the basis for the development that is being carried out. On this point Gasparri did not offer details of what type of blockchain would be used, that is, if it is public or if it is a private development.
“This issue, in which we are entering, I am sure that it will evolve; there will be an important evolution in that sense and we are working there. We already have a very robust blockchain, we have an application that allows custody in banks. Then comes the hard issue of regulators, but one has to start working on the project and the concept,” Gasparri explained.
The president of Conexus himself had already announced last week that work was being done “on a model that integrates traditional payment methods with the cryptocurrency environment.” And he added: “It is essential to incorporate this model into national banking,” something reported by CriptoNoticias.
Regarding the new announcement of the existence of an application and a blockchain in development, Gasparri commented: “The infrastructure behind the processing of USDT and cryptos in general (must) have a very robust blockchain network to be able to do so.”
Concept tests with USDT and regulations in Venezuela
Usually when there are initiatives of this type such as the one proposed by Conexus, the regulators in each country enable a sandbox, or controlled testing centerto detect possible points of failure in the platforms, suggest improvements to implement or measure targeted transaction volumes. The above is in the company’s plans.
“Our idea is to implement a sandbox and do the testing. Here the great supervisor of the entire movement will be the regulators, the Central Bank of Venezuela, which will have the capacity to supervise any movement and any transfer, and the Sudeban (Superintendence of Banking Sector Institutions).
What Gasparri proposed could open the door for banks to implement, for example, a Immediate payment service (similar to mobile payment) with stablecoins such as USDT or USDC. On this point, the manager was clear when he said: “I think that is a way to go, using it as a means of payment (USDT) and it can be done in parallel using mobile payment.”
During his speech, Gasparri made reference to the approval, in the United States Congress, of the GENIUS Act for stablecoins, which considered important for banks to expand their business models now with digital assets.
“In the United States, the GENIUS Law recently came out, which allows banks to carry out operations with stablecoins for payments and transfers. In fact, last week a note came out that JP Morgan was going to use custody of cryptocurrencies to give collateral credits to clients. A client could have their cryptocurrencies in custody and could use it as collateral for their credits.”