The government of Venezuela is constantly pushing for the adoption of Petro – a state-backed digital currency that was created by the Nicolas Maduro-led government. Nevertheless, the digital currency has been heavily criticized by Venezuelans themselves. This is mainly because of the lack of oil that the digital currency is supposed to be linked to.
However, the citizens of Venezuela have shown great interest in Bitcoin (BTC) – the largest digital currency in the world by market cap. Venezuelans have been using Bitcoin (BTC) in so many cases and places. The reason why they have so much interest in Bitcoin (BTC) is that they are losing faith in their currency as well as their traditional banking system.
CryptoBuyer Is Getting Ready to Install Venezuela’s First BTC ATM
The people of the country have been highly bullish on Bitcoin (BTC), they have been trading the coin, and some of them have invested in the coin for the long run. However, the only thing that the country lacks is a Bitcoin (BTC) ATM, and that is about to change as they are about to install their first Bitcoin (BTC) ATM.
CryptoBuyer – a digital currency ATM manufacturer, is preparing to install the country’s first Bitcoin (BTC) Automated Teller Machine (ATM). According to a report, the announcement was made by Jorge Farias – the Chief Executive Officer of the firm – on a Union Radio podcast.
According to the announcement, Caracas will host the first Bitcoin (BTC) ATM in the country and it will be launch in the next two weeks.
In a statement, the CEO of the firm said, “We are going to install the first digital currency 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.
According to the firm, the ATM is very easy to use, and anyone can use it by just following the instructions. To use the machine, users will have put the amount in the ATM. After which, the value of the cash will be transferred to the digital currency wallet of the user instantly.
The CEO of the firm also said that the firm will be undertaking the job of educating the people of the country about Bitcoin (BTC) as well as the operation of the BTC ATM. Farias said, ”These tools are much easier to use than regular ATMs.”
Recently, the government of Venezuela announced its plans to increase the value of the state-backed digital currency to 36,000 sovereign bolivars. According to the announcement made via the podcast, a higher minimum wage and an increase in the value of the state-backed digital currency are aimed to fight the “criminal dollar.”
The installation of Bitcoin (BTC) ATM in the country will further increase the exposure of the digital currency to the people of Venezuela.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $3,529 after a decrease of about five percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $61.62 billion with a trading volume of $2.98 billion over the past twenty-four hours. The trading volume of Bitcoin (BTC) has been pretty low, and an increase is needed for it to break over its key hurdle point in the short-term.