PeyCash Introduces Remittance Solution with Blockchain Technology for Venezuelans

7. July 2020

The Venezuelan, Ricardo Ferrer Rivero, living in Germany, created an application especially for Venezuelans. It is, a digital wallet for cell phones that allows making purchases and transfers in U.S. dollars. allows you to make purchases and receive or send transfers in digital dollars, without the need to use a bank account abroad.

The application protects buyers and sellers in countries affected by hyperinflation, without the need to use a bank account abroad. The digital currency used is the USDC, which is backed by real U.S. dollars, safely stored in recognized financial institutions. This means that this digital currency can be transferred at any time to a bank account in dollars or bolivars.

Bitcoin acceptance soars in Venezuela amidst hyperinflation crisis

Venezuela sunk in hyperinflation
Venezuela is going through a political, economic and social crisis. With a devalued bolivar, hyperinflation that breaks all forecasts, sanctions that make it impossible to get cash in foreign currency, oil production at its lowest level and a standard of living that is too costly for any average Venezuelan.

Thus, for several months now, the country’s economy has obtained a window of relief in the “foreignization” of the currency. It is common to see the circulation of the dollar or the euro in many parts of the territory. A large part of this money reaches Venezuelans thanks to remittances from relatives abroad.

In this sense, and in view of this problem, arrives to the country as an alternative to the difficulty of obtaining dollars freely, and without the need of bank accounts, neither government regulatory entities. A platform that handles digital dollars, with only your cell phone, from where you can send and receive money and through it, be able to buy/pay in establishments and even transfer money among users of the community.

It is a safe, fast and easy to use tool that does not require specialized knowledge for its management. The transfers received and sent through, have no limit of amounts and best of all, do not generate commissions.

Some Venezuelans can pay for new passports with Bitcoin founded in 2013
PEY GmbH was founded in 2013 in the city of Hanover, Germany by Venezuelan Ricardo Ferrer Rivero with the objective of accelerating the transition to digital payment methods.

The company has developed several products among which are Corona Millionaire wallets for Android and iPhone, crypto-currency payment terminals for stores, a Bitcoin payroll service for companies and a Bitcoins shopping service in cooperation with the American company BitPay.