Sunday, July 21, 2024

Venezuela’s Effort to Embrace Russian Mir Payments System for De-Dollarization

In a significant move towards de-dollarization, the government of Venezuela has announced its plans to integrate Mir, a Russian electronic card and transfer payments system. President Nicolas Maduro has thrown his support behind this integration, emphasizing its role in the ongoing de-dollarization efforts. Over 40,000 payment terminals are currently being modified to accept Mir-compliant cards.

Venezuela Adopts Russia’s Mir Payments System

The Venezuelan government recently revealed its decision to incorporate Mir, a Russian payments system, into its point-of-sale network as part of President Nicolas Maduro’s national de-dollarization initiative.

Calixto Ortega, the president of the Central Bank of Venezuela, confirmed that the necessary measures had been taken to establish a connection with the interbank messaging system of the Central Bank of Russia. This connection would facilitate communication between Venezuelan and Russian banks through the Mir system.

In the initial phase, more than 40,000 point-of-sale terminals will be able to interact with the Mir payments system. The Central Bank of Russia introduced Mir in 2017 as a means to bypass the sanctions imposed on the country by credit card providers such as Mastercard and Visa in 2014.

Ortega explained that the objective is to connect 30% of the available terminals to the Mir system, enabling them to accept cards issued by Russian banks in rubles and conduct transactions in the local currency, bolivar, in Venezuela.

Exploring Global Settlements

President Nicolas Maduro clarified that this integration is part of the broader initiative to construct a new global payments system that is independent of Western sanctions and the influence of the U.S. dollar.

Maduro expressed, “They attempted to unfairly isolate us financially and monetarily through blockades and criminal sanctions. However, with the integration of the Russian Mir Payment System, we are forging new financial and monetary systems for the world.”

In April, during a visit by Russian Foreign Minister Sergey Lavrov to Venezuela, Venezuelan Foreign Minister Yvan Gil revealed that both countries were collaborating on developing an alternative to SWIFT, the standard interbank connectivity system. The aim is to liberate Russia and Venezuela from the dominance of the U.S. dollar.

The imposition of U.S. sanctions has adversely impacted the commercial relations between the two countries. In light of this, Ortega highlighted that this integration would facilitate “seamless communication to streamline import and export transactions in our respective currencies, bolivars and rubles.” This indicates the potential future utilization of the Mir system for settling international transactions.

We would like to hear your thoughts on the integration of the Mir payments system in Venezuela. Share your opinions in the comment section below.

Frequently Asked Questions (FAQs) about Mir payments system

What is the Mir payments system integration in Venezuela?

The Mir payments system integration in Venezuela refers to the incorporation of the Russian electronic card and transfer payments system called Mir into the country’s point-of-sale network. This integration is part of Venezuela’s de-dollarization efforts.

How many payment terminals will be adapted to accept Mir-compliant cards?

Over 40,000 payment terminals are being modified to accept Mir-compliant cards as part of the integration process.

What is the purpose of the Mir payments system integration?

The integration of the Mir payments system aims to support Venezuela’s de-dollarization push, reducing reliance on the U.S. dollar and promoting the use of local currency for transactions.

Why did Venezuela choose the Mir payments system?

Venezuela chose the Mir payments system as it offers an alternative to international credit card providers like Mastercard and Visa, which imposed sanctions on the country in 2014. Mir provides a means to circumvent these sanctions and facilitate electronic payments.

What are the benefits of the Mir payments system integration?

The integration of the Mir payments system allows for smoother financial transactions, enables acceptance of cards issued by Russian banks in Venezuela, denominated in rubles, and paves the way for future international transactions in local currencies.

Is the Mir payments system integration part of a larger plan?

Yes, the Mir payments system integration is part of a broader strategy by Venezuela to develop a new global payments system independent of Western sanctions and the influence of the U.S. dollar. It aligns with the country’s efforts to explore alternatives to the SWIFT interbank system.

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JohnDoe June 25, 2023 - 11:19 am

venezuela integrating the mir payment system is a gr8 step towards reducing dollar dependence and promoting local currency usage! hoping for smoooth transactionsss!

Sarah123 June 25, 2023 - 7:18 pm

wow, this sounds interesting! 40,000 terminals adapting for mir cards is a big number. venezuela really wants to break free from the dollarrr. i wonder if other countries will follow suit?

AlexG June 26, 2023 - 3:30 am

I like how venezuela is thinking outside the box with the mir payment system. taking control of their own financial system instead of relying on big credit card companies. good move!


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