mo4ch:>Venezuela to ditch Visa & Mastercard by early 2020 – reports | Mo4ch News

The central bank of Venezuela will develop an independent national payment system to get rid of international giants Visa and Mastercard in response to US sanctions, according to local media citing the regulator.The document, which also separately mentions multi-national debit card service Maestro owned by Mastercard, orders a suspension of debit card operations starting November 2019 and payments via credit cards from January 2020.The joint order was reportedly issued on May 16 by the central bank and Superintendency of the Institutions of the Banking Sector of Venezuela (SUDEBAN), responsible for ensuring the country’s banks comply with local regulations. It instructs the banks to create a “sovereign” system to process financial operations that will use clients’ biometric data.Also on rt.comOver $30 billion of Venezuela’s assets stolen on ‘Trump’s orders’ – officialThe move comes in response to US sanctions against the country as the regulator anticipates that Visa and Mastercard wi…