First Bitcoin ATM for Venezuela on the cards

Of& nbspRushali Shome

Venezuela as a country has had an extremely close relationship with the cryptocurrencies, even the launch of its cryptocurrency Petro, supported by oil and sponsored by the government. However, quite surprisingly, it has not yet installed a Bitcoin ATM. This will change soon in the coming weeks thanks to Cryptobuyer cryptographic services platform which creates the country's first Bitcoin ATM.

The details of the plans have been elaborated by the CEO and founder of Cryptobuyer, Jorge Farias. While he was interviewed by a local radio channel called Union Radio, he expressed great optimism regarding the company's upcoming plans in Venezuela, in particular the plan to install the ATM.

He emphasized the fact that Cryptobuyer commits to educating the Venezuelan people about the way cryptocurrencies serve the purpose of conserving value. Bitcoin is already a rather popular cryptographic currency in Venezuela, in addition to the national cryptocurrency Petro.

He said:

"We are installing this ATM cryptocurrency shortly, we already have the equipment here in the country, we are doing the final tests and we will share the details on the social networks".

He also explained how simple it would be to use these Bitcoin ATMs. These ATMs, which stand for "ATMs", would first accept a fiat amount from the user. On the contrary, the machine will produce an equivalent number of Bitcoins, transferring them directly to the user's cryptocurrency portfolio. This would help lead Venezuelan crypt adoption even further in the coming days.

Venezuela has a long history of association with cryptocurrencies. Since the country's economy began to lose control because of its crazy hyperinflation, citizens have begun to resort to cryptocurrencies to facilitate payments. In the end, the government has also accepted cryptocurrencies as a valid way to bring the country to a better economic future.

However, it should be noted that many other countries are not exactly in accord with Venezuela's dependence on the crypt. Russia, for example, has agreed to help Venezuela in terms of economic aid, but only if the Petro crypt is not included in the agreement.

However, it seems that with measures like the new installation of Bitcoin ATMs, Venezuela will continue to take giant steps towards a high rate of crypto adoption.

Rushali Shome

Rushali Shome is a history student with a keen interest in word games, politics and beyond. When you do not type furiously in the "Notes" section of your phone, it can be found by trying to capture the servers' attention in restaurants or weddings for a second help.