Venezuela-based crypto exchange platform Criptolago will reportedly introduce an SMS text-enabled payment method, to facilitate transactions using the country’s oil-pegged  Petro (PTR) and other coins.

Specifically, the update is reportedly expected to provide access to a significant proportion of Venezuela’s population to crypto-related payments, during the current alarming state of hyperinflation, with the fluctuation rate, price value-wise, of the Venezuelan bolivar, falls around 1.58% in the last 24 hours and approximately 2,500% throughout 12 months.

Criptolago reportedly disclosed that the payment system was built after the authorities of the country urged firms in the financial sector to come up with payment solutions, which has the power to finalize Petro transactions and in line with the banking system. 

“Following the guidelines of our president @NicolasMaduro and in favor of our #criptonation, with the new function of Payments for #SMS we have opened the possibility for all the Venezuelan people to carry out #Petro transactions in a very practical way.”

Other transactions using major coins also received supporting feature from the new system, nominally Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Venezuela bolivares and the proprietary token of the Venezuelan “investment crypto bank” Glufco, via offline channel, thanks to the SMS-enabled feature, which can be beneficial for 30% of the people do not have access to the Internet. 

Venezuela has been displaying its dominant stance, volume-wise, across other offline crypto payment platform – with the Dashtext system finalized the majority (95%) of transactions, since May last year.