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Cryptobuyer founder Jorge Farias announced on Friday that the first bitcoin vending machine (BATM) will be installed in Venezuela in the coming days.
The news was revealed on Union Radio. In the interview, Farias said the following: "We will install the first automated cryptocurrency machine in Venezuela, in the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas and they are in their last tests and we will announce them on social networks"
He also explained that this type of ATM is easier to use than banking entities because it only takes a ticket and the team will indicate that the digital currency is in the wallet of the user.
Cryptobuyer will also be responsible for teaching Venezuelans the characteristics of Bitcoins and the operation of BATM. "These tools are much easier to use than ATMs"Farias said.
Cryptobuyer is a trading platform for Bitcoin (BTC), Litecoin (LTC) and Dash (DASH). He currently has five ATMs in Panama. Its operational machines process the three crypto-currencies.
This pioneering movement is occurring in increasingly difficult times for Venezuelans. In the midst of a six-figure inflation, strict foreign exchange controls and a historic economic recession, Venezuelans can take advantage of this tool to not lose their buying power .
At the same time, the Venezuelan government has tried to promote the use of the national cryptocurrency, Petro, as a way to save money. However, the mechanisms for tracing this critto asset in hard currency remain unclear. As if that were not enough, the company that would support the Petro, the national oil company PDVSA, has debts of $ 45 billion that undermine its status as a store of value.
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