The founder and CEO of Cryptobuyer, Jorge Farias, has opened up during an interview with a local radio network (Union Radio) about the condition of cryptocurrency in Venezuela. Farias disclosed that there will be an installation of a Bitcoin ATM, the very first ever, in the coming weeks. He also stated that the company will not relent in educating Venezuelan citizens on the merits of digital assets as a store of value.
The use of Bitcoin in Venezuela has seen continuous growth as the citizens use it for transactions and as a store of value. The problems of the nation’s economy, together with their leadership and currency woes have led to the adoption of Bitcoin as an alternative for Venezuelans.
First of Its Kind in Venezuela
Job Farias, the founder, and CEO of Cryptobuyer, a digital asset platform that provides users with various services such as phone top up, payment of bills and the conversion of cryptocurrency to fiat, said that in weeks to come, the very first Bitcoin ATM in the history of Venezuela will be installed. In his words;
“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.”
While explaining how the dedicated ATMs would function, Farias said that once the Automated Teller Machines accept cash from the user, the machine will instantly provide the crypto value equivalent to the cash which will be transferred to the customer’s crypto wallet. He also said that the usefulness of digital assets as a store of value is a very important knowledge which every Venezuelan should have, especially when the country’s current state is considered.
“These tools are much easier to use than regular ATMs,” Farias noted. He withheld further information about the know-your-customer (KYC) and fee requirements.
Crypto Adoption in Venezuela
Venezuela is one country that has adopted cryptocurrency as a store of value as a result of the crisis its economy is facing like devaluation and inflation.
LocalBitcoins handles the majority of the cryptocurrency activities in the country. LocalBitcoins is a peer-to-peer exchange which has attracted patronage because of its user-friendly KYC policies.
According to Coin Dance, Crypto users in Venezuela used the platform to exchange over 6000 Bitcoin last year December. This number is quite significant considering it is coming from a nation with a currency devaluation of over 200%.