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The Venezuelan government is pushing the state-backed cryptocurrency, Petro, created by the Venezuelan government led by Nicolas Maduro. However, cryptocurrency has been widely criticized by its citizens mainly because of the lack of oil Petro is supposed to be tied to.
However, the population has shown interest in using the world's largest cryptocurrency, Bitcoin. People in the country are using Bitcoin in different places because they have lost confidence in their banking system and in their own currency, said the lack of credibility. The only thing missing is an ATM that is about to change as the country is installing a BTC ATM machine.
CryptoBuyer, maker of cryptocurrency vending machines, is preparing to install the first Bitcoin cash machine in Venezuela. The publication reports on the announcement made by the company's CEO [CEO], Jorge Farias on a podcast of Union Radio. This ATM will be installed in Caracas and will be inaugurated in the next two weeks. Farias said:
"We will install the first automated cryptocurrency machine in Venezuela. Over the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas and they are in their last tests. in social networks ".
Users will put the amount in cash in the ATM, which will immediately transfer the value of that money into the encrypted wallet of the user. The company will undertake the education work of the Venezuelan people about Bitcoins and the operation of the ATM. The CEO added:
"These tools are much easier to use than ATMs."
The government recently announced the increase in the value of the cryptocurrency guaranteed by the state to 36,000 sovereign bolivars. According to the statement made in a video, the increase and a higher minimum wage are aimed at fighting the "criminal dollar".
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