In an interview about the state of cryptocurrencies in Venezuela with a local radio network (Union Radio), Jorge Farias, CEO and founder of Panama-based company Cryptobuyer, announced the first Bitcoin ATM would be installed in the coming weeks. He also announced the company will be campaigning actively to show Venezuelans the usefulness of cryptocurrencies as a store of value.

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First Bitcoin ATM to be Installed in Venezuela

Jorge Farias, CEO and founder of Cryptobuyer, a cryptocurrency platform that lets users top up their phones, pay bills, and even change their crypto in and out of fiat, announced they would be installing the first Bitcoin ATM in the history of the country in the coming weeks. “We are going to install this cryptocurrency ATM in short; we have the equipment already here in the country, we are running the final tests and we will be sharing details in social networks,” Farias explained.

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.

“These tools are much easier to use than regular ATMs,” the CEO noted. He did not reveal details about the possible know-your-customer (KYC) requirements or fees involved.

Venezuela’s Crypto Journey

Venezuela has made crypto headlines quite frequently due to the rise in the usage of decentralized digital money being used as a store of value due to the raging levels of inflation and devaluation it has suffered recently.

Most of the cryptocurrency movement in the country happens through LocalBitcoins, a peer-2-peer exchange preferred due to its light KYC policies. Through this platform Venezuelans exchanged more than 6,000 bitcoin according to Coin Dance as of last December, a significant number for a country with a fiat devaluation of more than 200%.

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