Venezuela gets its first Bitcoin ATM

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Venezuela, the country that records new bitcoin trading volume records almost weekly, is to get its first bitcoin ATM (ATM).

The equipment is already installed in Venezuela in Caracas. It's in the final testing phase and we'll then make an announcement on social networks.

Jorge Farias CEO of Panama-based Cryptobuyer

Cryptobuyer: ATM already in Caracas

In an interview with local radio and news media network Union Radio, Jorge Farias, CEO of Cryptobuyer of Panama, said the ATMs had already arrived in the state capital, Caracas.

We will install the first cryptocurrency ATM in Venezuela in the next two weeks.

Cryptobuyer is primarily a merchant acceptance platform for Bitcoin (BTC), Litecoin (LTC) and Dash (DASH) and currently only runs a modest network of five crypto ATMs in Panama City. Cryptobuyer ATMs are designed for all three cryptocurrencies. However, the current problems in Venezuela make the chances of success for the new ATMs look very good.

venezuela-inflation

IMF expects inflation of 10 million percent in Venezuela in 2019.

The International Monetary Fund (IMF) is virtually certifying the economy of Venezuela is losing total purchasing power. The price increase was 1.37 million percent at the end of last year, according to the fund's World Economic Report, which was presented in Nusa Dua, Indonesia, in October. For this year, the IMF even forecasts price increases of ten million percent. The country's own cryptocurrency "Petro" was supposed to counteract this, but developed into a flop.

The petro is not accepted by the people, as there are currently no shops or institutions that accept the Petro. Instead, for many of the bitcoin, the first choice to bring its values to safety is.

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