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Venezuela, a country that records almost every week new Bitcoin trade volume records, is preparing to get its first Bitcoin ATM.
Cryptobuyer: ATM already in Caracas
In an interview with local radio and the press network Union RadioJorge Farias, CEO of Cryptobuyer, based in Panama, said the machine had already arrived in Caracas, the country's capital.
"We will install the first automated cryptocurrency machine in Venezuela in the next two weeks," he told the network.
… We already have equipment physically installed in Venezuela, in Caracas; we are in the last phase of testing and we will then make an announcement on social networks.
This innovative initiative is taking place in an increasingly difficult period for Venezuelans.
As Bitcoinist various reported cases, a toxic mixture of hyperinflation, travel restrictions and currency changes has made the life of the average citizen often impossible.
At the same time, the Venezuelan government has lobbied for its state-issued Petro cryptocurrency to start demanding certain payments – such as pbadports – that only use this badet.
Since its inception, Petro has a dubious reputation, claiming that despite its anchor in the $ 6 billion Venezuelan oil float, its sponsor in the form of the national oil company PDVSA has debts of $ 45 billion that undermine its status value reserve.
Localbitcoins "does not work"
It is hardly surprising then that the P2P Bitcoin trade has exploded, especially in the last six months of 2018.
According to the latest data from Coin Dance, the week ending January 5th was the second busiest of all times for the Venezuelan Bolivar (VES) on Localbitcoins, with a total of 5.15 billion handshakes.
This was followed by a dramatic drop for the week ending Jan. 12, social media commentators report the service was no longer accessible from inside Venezuela.
Cryptobuyer is primarily a merchant acceptance platform for Bitcoin (BTC), Litecoin (LTC) and Dash (DASH) and currently lists only a modest network of five ATMs in Panama. Its operational machines meet the three crypto-currencies.
Around the world, the number of Bitcoin ATMs continues to grow. An agreement announced this week between the first US operator, Coinme, and Currency Counter, Coinstar, could allow 20,000 more slots to appear soon in the United States.
What do you think of the Bitcoin ATM in Venezuela? Let us know in the comments below!
Images courtesy of Shutterstock
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