Venezuela’s crypto situation has been viewed as a joke by a lot of people. While the country’s official cryptocurrency, the Petro has received countless criticisms, president Maduro keeps insisting that the country is taking the project further.
It also appears that Venezuela has recently managed to get its first crypto ATM. Data from Coin ATM Radar reveals that the country’s first crypto ATM was installed last week. According to the official data, the crypto ATM is located in the city of San Antonia del Tachira.
The crypto ATM doesn’t seem to be fake as many people originally suggested. The installation was completed by Panda BTM. The Latin American firm completed the installation for a few days within a convenience store named Viajes e Inversiones HC.
The first crypto ATM supports a few major cryptocurrencies
The currently installed crypto ATM seems to support Bitcoin (BTC), Bitcoin Cash (BCH), DASH and the official currencies of both Venezuela and Colombia.
This also seems to be the first successful attempt at a crypto ATM installation in the country. Earlier this year, Cryptobuyer announced the installation and testing of the country’s alleged first Bitcoin ATM. The Bitcoin ATM was supposed to be located in the city of Caracas, but the project was cancelled due to unknown reasons.
According to the most recent data, Venezuela’s neighbor Colombia, has the highest number of crypto ATMs in Latin America.
Back in 2013, the world saw its first crypto ATM be operational in Vancouver, Canada in late 2013. 6 years later, the world has over 5400 crypto ATMs worldwide and that number is only projected to increase dramatically.
Earlier this year, Dubai got its first Bitcoin ATM. While some countries are opening more and more ATMs, Canada recently had a discussion to ban bitcoin ATMs.
While it’s true that some crypto ATMs turned out to be a front for drug traffic, some companies like Coinsquare have decided to push the adoption process even further by upgrading traditional ATMs thus allowing them to sell cryptocurrencies.
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