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The "Commerce to Person" system will allow making payments through cell phones and improve users' life quality.
Venezuela's President Nicolas Maduro said Wednesday that his country will create an e-commerce system to boost businesses and stimulate the economy, which has been severely hit by the U.S. blockade and the pandemic.
"The Commerce to Person (C2P) system will allow the Venezuelans to free themselves from the use of paper money. This technological proposal will help us overcome the sanctions' impact and assist the needs of the people," he said.
Maduro made this announcement during a government meeting held to implement policies for strengthening agricultural production.
Venezuela's banking sector official Antonio Morales explained that "the C2P system will allow making payments through cell phones. Fast and efficient transactions will improve users' life quality."
The meme reads, "What is e-commerce? A great alternative that companies have to market their products. The online platform allows them to expand their business, offering more and better benefits."
To use this system, users will only have to register their telephone number, the bank to which they are affiliated, and their identification card. Once the transfer is ordered, the bank will auto-route and confirm the transaction.
"This will be a win-win situation. We want to sustain the economy through our own productive, financial, monetary, and technological efforts," Maduro added and informed that 93 percent of the population has electronic debit cards.
"Venezuela is moving forward. We expect the opposition and foreign governments supporting it to abandon war, invasion, coups, and unilateral sanctions that have brought poverty to our country," the President stressed.