Venezuelan President Nicolás Maduro announced that Venezuela is taking steps to join Russia’s ‘MIR’ payment system.
This move aims to mitigate the effects of the restrictions on financial transactions imposed by the United States.
Maduro underscored the need to explore alternatives to the SWIFT network, which hinders Venezuela’s transactions due to U.S. sanctions.
“The Central Bank of Venezuela is now part of the MIR system, a payment method created by Russia and utilized globally,” Maduro stated on Venezuelan state television.
He underlined the rise of new payment systems globally and Venezuela’s efforts to establish new financial systems following its sanctions.
The Venezuelan Central Bank recently stated that nearly 40,000 payment terminals had been updated to accommodate MIR cards.
The goal is for approximately 30% of the payment terminals to accept cards from Russian banks.
The Bank also indicated that the MIR system facilitates transactions in their respective currencies, bolivars, and rubles, thus easing import and export activities.
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