US dollar ATMs planned to be activated in Venezuela are cancelled

The company claimed that „confusion and doubts“ in the atmosphere led to the decision being taken.

The dollar ATMs that AKB Fintech had announced in October and that were planned to be activated this Saturday, November 7 in different locations throughout Venezuela, have been cancelled, according to the company’s own announcement this week through its Instagram account.

According to the announcement prepared by the company, the reason for the suspension is due to „confusion and doubts“ that have been generated in relation to the launch of the dollarised ATMs, without mentioning whether the obstacles that have stopped the launch are related to regulatory, financial or logistical aspects associated.

Likewise, the company announced that they were making Profit Revolution Scam to establish alliances with traditional banks in order to „attend to the needs of their customers“, without clarifying whether they will be able to provide the services initially proposed.

Central Bank of Venezuela recalls the exchange control

As we mentioned in Cointelegraph earlier, in October the Venezuelan Central Bank issued an official circular ordering the national banking sector to „immediately cease to offer any product or service that banks (…) are offering to their clients and/or users, to facilitate payment in foreign currency of goods and services in the territory of the Republic from foreign currency accounts held there“, also recalling that Venezuela still maintained an exchange control that regulated transactions in dollars within the country.

Likewise, the circular mentioned that no Fintech had been authorized to operate offering services in foreign currency within the country. On this point, AKB Fintech itself had mentioned that the enterprise it was running was „a technological process that is not regulated by a specific law“.