First Bitcoin ATM For Venezuela On The Cards

By Prashant Jha

Venezuela as a country has had an extremely close relationship with cryptocurrencies, even launching its own oil-backed, government -endorsed cryptocurrency Petro. However, quite surprisingly, it has not had a Bitcoin ATM of its own installed yet. That is set to change soon in the coming weeks as crypto service platform Cryptobuyer sets up the very first Bitcoin ATM of the country.

The details of the plans have been elaborated on by the CEO as well as founder of Cryptobuyer, Jorge Farias. While being interviewed by a local radio channel called the Union Radio, he has expressed great optimism regarding the company’s upcoming plans in Venezuela, especially the plan to install the ATM.

He has emphasized on the fact that Cryptobuyer is committed to educating the people of Venezuela about how well cryptocurrencies serve the purpose of storing value. Bitcoin is already a rather popular crypto coin in Venezuela, in addition to the national cryptocurrency Petro.

He said:

“We are going to install this cryptocurrency ATM in short; we have the equipment already here in the country, we are running the final tests and we will be sharing details in social networks.”

He also explained how simple it would be to use these Bitcoin ATMs. These ATMs, that stand for “automatic teller machines” would first accept a fiat amount from the user. Against that, the machine will churn out an equivalent number of Bitcoins, transferring it directly to the user’s cryptocurrency wallet. This would help take Venezuelan crypto adoption even more forward in the coming days.

Venezuela has had a long history of association with cryptocurrencies. Ever since the country’s economy started spiralling out of control owing to its crazy hyperinflation, citizens began to fall back on cryptocurrencies to facilitate payments. Eventually, the government also accepted cryptocurrencies as a viable way to take the country towards a better economic future.

However, it must be noted that many other countries are not exactly on board with Venezuela’s dependence on crypto. Russia, for example, has agreed to help Venezuela in terms of providing economic aid, but only if the Petro crypto is not included in the deal.

However, it seems that with measures such as the new Bitcoin ATM installation, Venezuela will keep taking giant strides towards a high crypto adoption rate.