The government of Venezuela has announced its integration of Mir, a Russian payments system, into its point-of-sale network as part of its de-dollarization efforts. The Central Bank of Venezuela has completed the necessary steps to connect with the interbank messaging system of the Central Bank of Russia, allowing communication between Venezuelan and Russian banks. Over 40,000 point-of-sale terminals will initially be able to interact with the Mir system, with the goal of eventually connecting 30% of available terminals. This integration will enable the acceptance of cards issued by Russian banks, denominated in rubles, for payments in the local currency of Venezuela. President Nicolas Maduro stated that this move is part of the construction of a new global payments system to bypass Western sanctions and the influence of the U.S. dollar. Additionally, Venezuela and Russia are working towards developing an alternative to the SWIFT system to further free themselves from dollar hegemony. This integration is expected to facilitate import and export transactions in bolivars and rubles, potentially hinting at the utilization of Mir for settling international transactions in the future.
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