The Cryptobuyer founder, Jorge Farias, reported Friday that the first Bitcoin ATM (BATM) will be installed in Venezuela in the next few days.
The news was revealed at Union Radio radio station. In the interview, Farias commented that: "We will install the first cryptocurrency ATM in Venezuela, in the next two weeks (…), we already have physically installed equipment in Venezuela, in Caracas and they are in the final test and we will announce it on social networks"
He also explained that this type of ATM is easier to use than banking entities, because it only requires the entrance ticket and the team to show that the digital currency is in the user's wallet.
The Cryptobuyer company will also be an institution to teach Venezuela about the characteristics of Bitcoin and how to operate BATM. "These tools are much easier to use than ordinary ATMs"Farias said.
Cryptobuyer is a trading platform for Bitcoin (BTC), Litecoin (LTC) and Dash (DASH). Currently it has five ATMs in Panama City. The machine is operating for three cryptocurrency.
This pioneering movement took place in increasingly difficult times for the Venezuelan people. Amid six-digit inflation, tight exchange rate controls, and a historic economic recession, Venezuela can use this tool to avoid losing their purchasing power.
At the same time, the Venezuelan government has tried to promote the use of the country's crypto currency, Petro, as a way of saving money. However, the mechanism for tracking crittoactive with fiat currencies is still unclear. As if that wasn't enough, the company that will support Petro, from state oil company PDVSA, has a 45 billion dollar debt that damages its status as a store of value.