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Venezuela has finally obtained its very first Bitcoin ATM. According to data presented on Coin ATM Radar, the Latin American firm PandaBTM has installed a crypto ATM in San Antonio del Táchira on September 10. Coin ATM Radar allows users to find the nearest Bitcoin ATM online.
Venezuela has been going through some serious economic crisis after the U.S.-imposed strict trade sanctions. To get a hold of the falling economy and get it back on track, the nation holds high hopes in cryptocurrency. Maduro’s government has been pushing the state-powered cryptocurrency ‘Petro’ and encouraging citizens of the country to adopt it for daily transactions.
Venezuela has recently launched a platform through which Venezuelans working overseas can send money in the form of Petro back to the country. The platform has been reducing cross-border transaction cost and improves security.
Venezuela has been witnessing tremendous Bitcoin(BTC)trade trading volume and it seems like it’s the right time for the country to have Bitcoin ATMs. The country’s first-ever BTM has been installed inside a small convenience store, called Viajes e Inversiones HC (Travel and Investments HC) in the small-town of San Antonio del Táchira located near the Colombian border.
This newly installed crypto ATM allows users to buy cryptocurrencies including Bitcoin, Bitcoin Cash, and Dash along with the official traditional currency of Venezuela, the bolivar and also the Colombian peso.
Previously, a crypto firm called Cryptobuyer attempted to install a Bitcoin ATM in the city of Caracas, Venezuela. The installation and testing plant for this BTM was announced in January. However, due to unknown reasons, this Bitcoin ATM never went live.
More Crypto ATMs in the Region
The nearest Bitcoin ATM that Venezuelans could access was located on the Colombian side of the border which was set up by a firm called Athena. Uses of official fiat currency is common in Venezuela but the trade crisis has increased the government’s interest in crypto.
Currently, Colombia has the greatest number of Bitcoin ATMs in Latin America and the country is planning to double it. To accomplish this goal, a partnerships between Paxful and Coinlogiq has been established to install 20 cryptocurrency ATMs across the country.
A recent partnership between PundiX, one of the largest crypto point-of-sale (PoS) provider and Traki, Venezuela’s largest retail chain is one of many notable efforts to accelerate the crypto economy in Venezuela. The partnership will set up to 49 physical PoS systems throughout its 49 locations across Venezuela to allow customers to pay in Bitcoin and other cryptocurrencies.