Venezuela is developing a system to connect banks and blockchain, developed by payment processing company Conexus.

Foresight News reported, according to Bitcoin.com, that Venezuela is currently developing a system to connect traditional banks with blockchain. Conexus, a company that manages 40% of Venezuela's electronic transfer system, is currently in the early stages of developing a platform aimed at integrating stablecoins and bitcoin into Venezuela's banking network. Once completed, the system will allow Venezuelan banks to offer custody and transfer services for these assets, as well as exchange services with fiat currency. The platform has not yet set a launch date, but analysts believe it could be operational as early as December.