The news reportedly comes from the CEO of Cryptobuyer, Jorge Farias. Cryptobuyer is a company that helps people get convenient access to the digital coin ATMs, especially in regions with high inflation levels. The Bitcoin ATM is already in Venezuela.
Cryptobuyer is actually the company that is going to install and manage the Bitcoin ATM. It is already placed in Caracas, but there is some initial testing phase that needs to be completed before the ATM is “released” for “public use”.
The company already operates around 5 BTM (Bitcoin ATM) in Panama. Cryptobuyer also serves as a merchant acceptance platform for digital coins such as Dash, Litecoin and Bitcoin.
As of recently, there have been around 520 organizations that manage the total number of Bitcoin ATMs around the world. The market is far from consolidated, since more and more companies are trying to make it easier for Bitcoin enthusiasts to buy the “people’s currency” in an easy and convenient manner. According to Cryptoglobe and a report from Data Light, approximately 6 digital coin ATMs were installed every day in 2018.
Venezuela is undeniably one of the pro-cryptocurrency countries. The country even has an official government-backed cryptocurrency called the petro. The introduction of a stable coin and the widespread use and acceptance of cryptocurrencies in Venezuela are mainly used for fighting economic downturns.