The Venezuelan government is pushing state-backed cryptocurrency, Petro, which was created by the Nicolas Maduro-led Venezuelan government. However, the cryptocurrency has been largely criticized by its citizens mainly because of the lack of oil that Petro is supposed to be linked to.
However, the people have shown interest in using the world’s largest cryptocurrency, Bitcoin. The people of the country have been using Bitcoin at various places, as they lose faith in their banking system and their own currency, reported blockmanity. The only thing lacking is an ATM which is about to change as the country is installing a BTC ATM.
Cryptocurrency ATM manufacturer, CryptoBuyer is preparing to install Venezuela’s first Bitcoin ATM. The publication reported the announcement made by the company’s Chief Executive Officer [CEO], Jorge Farias on a Union Radio podcast. This ATM will be installed in Caracas and will be inaugurated in the coming two weeks. Farias said:
“We are going to install the first cryptocurrency ATM in Venezuela, in the course of the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas and they are in their final tests and we will be announcing them in social networks”.
The users will put the cash amount in the ATM, which will then transfer the value of that cash to the user’s crypto wallet instantly. The company will be undertaking the job of educating Venezuelan people about Bitcoins and the operations of the ATM. The CEO added:
“These tools are much easier to use than regular ATMs”.
Recently, the government had announced to raise the value of the state-backed cryptocurrency to 36,000 sovereign bolivars. According to the statement made in a video, the increase and a higher minimum wage are aimed to combat the “criminal dollar”.