Venezuela, the country seeing new Bitcoin trade volume records on an almost weekly basis, is to get its first ever Bitcoin ATM.
The plan was announced in an interview by Union Radio with Jorge Farias, the CEO of CryptoBuyers. The ATM will be installed in Caracas and will be opened in the next two weeks.
“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 “, Jorge Farias said.
According to the CEO, the company will not just install the machine but will also train Venezuelans on how to use it.
The ATMs will receive cash money from the user and then they will transfer the value of that cash to the crypto wallet of the customer instantly. Farias also announced that in the current state of the country, it is important to teach people the real value of cryptocurrencies as a store of value.
This is a long overdue development for Venezuela as its citizens have turned to Bitcoin after the deadly crash of their currency and their reluctance to use their national cryptocurrency which the president has tried to impose on them.
Venezuela has had a long history of association with cryptocurrencies. Ever since the country’s economy started spiraling out of control owing to its crazy hyperinflation, citizens began to fall back on cryptocurrencies to facilitate payments. Eventually, the government also accepted cryptocurrencies as a viable way to take the country towards a better economic future.