Venezuela’s fintech firm Conexus is developing a blockchain-based interbank network that would enable banks to process Bitcoin and stablecoin transactions within the national banking system.

The proprietary network, still under development, aims to let Venezuelan banks facilitate crypto payments and custody services through existing banking channels. According to Conexus president Rodolfo Gasparri, the initiative seeks to offer citizens a regulated way to use Bitcoin and stablecoins as protection against hyperinflation and currency volatility.

Venezuela edges closer to the club of nations testing Bitcoin-backed banking rails and stablecoin-based reserve systems.

Meanwhile, the country’s opposition leaders have proposed using Bitcoin as a national reserve asset to rebuild the economy amid ongoing financial challenges.