Dollarized Fintech ATMS in Venezuela?

As of November 7, the platform will put into operation dollarized ATMs in Caracas, Valencia, and Barquisimeto. We present to you a series of keys to what you should know about this initiative.

AKB Fintech is the digital platform that announced the implementation of dollarized ATMs in Venezuela as of November 7. The information was given by the president of the platform, Guillermo Scarpantonio, this Friday, October 16, in an interview with journalist Román Lozinski.

The maximum withdrawal will be 200 Dollars per day, in 5, 10, and 20 dollar bills.

“We are going to start with three, and we already have another group of ATMs ready to be installed. We are in the details of testing with the servers from the United States to Venezuela so that everything is expeditious, and there are no problems when withdrawing the money,” said Scarpantonio.

Scarpantonio also outlined that the entire system will work without debit or credit cards and that everything will be carried out in the AKB Fintech application. “The system is directly related to AKB’s dollar wallets. Anyone who has money there can withdraw dollars in cash”. He also mentioned that the application would allow a PayPal wallet to be linked and recharges with Gift Cards.

Without an official authorization.

Scarpantonio pointed out that there is no position from Sudeban or the Central Bank of Venezuela to this effect. “This is a technological process that is not regulated by a specific law. These ATMs are the property of those who have them in their establishment,” he clarified.

On Friday, October 9, the Central Bank of Venezuela announced verbatim that “it has not authorized any company to operate as a Non-Banking Provider of Payment Services in foreign currency.”

As there is no clarification from the highest Venezuelan banking institution on this aspect, it will be necessary to decide whether the activities of AKB Fintech and its ATM initiative are authorized or not.







Image: twitter.com/akbfintech/status/1269031042381303808

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.


Castillo J. 2020. Cajeros automáticos en dólares: 5 claves para entender la iniciativa en Venezuela. ElDiario: https://eldiario.com/2020/10/17/cajeros-automaticos-dolares-claves/

El Pitazo. 2020. Claves AKB Fintech: conozca la plataforma que instalará cajeros dolarizados en Venezuela. El pitazo: https://elpitazo.net/economia/claves-akb-fintech-conozca-la-plataforma-que-instalara-cajeros-dolarizados-en-venezuela/

Primicia. 2020. Plataforma AKB habilitará cajeros automáticos en Venezuela para sacar dólares en efectivo. Primicia: https://primicia.com.ve/economia/plataforma-akb-habilitara-cajeros-automaticos-en-venezuela-para-sacar-dolares-en-efectivo/

Rojas E. 2020. Activarán cajeros automáticos en Venezuela para dispensar dólares en efectivo. Cointelegraph: https://es.cointelegraph.com/news/atms-to-be-activated-in-venezuela-to-dispense-cash