The Venezuelan Banking Sector Authority has instructed financial institutions to create an independent payment system
The Central Bank of Venezuela and the country's banking sector institutions management decided to abandon agreements with Visa, MasterCard and Maestro by the end of January. Operations on debit cards should be terminated from November 30, 2019, on credit - from January 30, 2020. The Department of Banking Sector Institutions has instructed financial institutions to create an independent payment system and develop a sovereign payment system with the introduction of biometric identification. All these measures, the publication notes, anticipate the sanctions of the Visa and MasterCard payment systems, the introduction of which the regulator expects. The Bolivarian Republic over the past years has been experiencing an acute socio-economic crisis, accompanied by the devaluation of the national currency. The International Monetary Fund, in its new report released earlier this month, predicts the inflation rate in Venezuela in 2019 and 2020 at 10 million percent.
Recall, the day before, US Secretary of State Mike Pompeo said in an interview with Fox News that Washington does not reject the possibility of a military option to solve the crisis in Venezuela, but prefers the option of a peaceful transfer of power in this country.