Venzuelan flag painted on a brick wall

Product image courtesy of Pixabay

Cryptobuyer, a Venezuelan cryptocurrency startup, is preparing to launch the country’s very first crypto ATM this February. The crypto ATM will first appear in Caracas’ capital city where most of the country’s local crypto transactions happen.

Jorge Farias, founder of Cryptobuyer, mentioned in Unión Radio that the ATM is currently in place but will only be available to the people upon successful completion of pilot tests.

“We already have the equipment installed in Venezuela, in Caracas, and they are in the middle of their final tests so we will be announcing them on social media soon,” (Jorge Farias).

Although Farias did mention that the machine would be user-friendly and ticket-based,  the number of cryptocurrencies offered in the ATM hasn’t been confirmed yet.

In the past few months, hyperinflation in Venezuela has only become worse, that is why citizens there have been turning to crypto to save them from the situation of bolivar.

A short time ago, Venezuelan President Nicolás Maduro’s administration created the Petro crypto, which, for better or for worse, has created more domestic demand for digital assets in Venezuela.

Bitsonline recently reported that the Washington-based CSIS, Center for Strategic and International Studies, states that the use of crypto and blockchain should be encouraged to get the weak economy of Venezuela’s back on its feet.

Would crypto completely make things turn around in Venezuela considering the addition of crypto ATMs in the nation? Let us know in the comment section down below!

Source: https://bitsonline.com/cryptocurrency-atm-debut-venezuela/