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Venezuela Installs its First Bitcoin ATM - What about US Sanctions?

 
Venezuela Installs its First Bitcoin ATM - What about US Sanctions?
Breaking News / Bitcoin

The biggest department store in Venezuela has just installed a Bitcoin ATM…

This might not seem like a big deal due to there being more than 4,000 installed across the United States but for South America, this is a rare commodity. 

The installation of this BATM though is a joint effort from the Traki store chain’s blockchain arm, CriptoTraki and local crypto exchange, Twenty which is allowing citizens of the nation to buy bitcoin through the US dollar. A local news source said that Traki is running a one-way pilot test, where people would be able to buy bitcoin but not sell them. Traki highlighted that it would introduce a bitcoin-selling option in the second phase. The move would allow users to shift the cryptocurrency for the US dollar AND the Euro.

The installation of a new BATM actually happened just a week after the country’s president projected cryptocurrencies as a tool to bypass the US sanctions on his regime. Nicolas Maduro said that thanks to the “new instruments” would let people conduct international transactions via their central bank. He went onto say that their new payment systems are already in sync with that of China and Russia, a statement that attracted flacks from acting-President Juan Guaidó.

“The regime’s use of cryptocurrency shows desperation,” said Mr Guaidó. “To resort to that kind of subterfuge emphasizes the economic crisis the regime is going through.”

Guaidó is a very loyal supporter of the US sanctions which imposed against the Maduro regime. But for the CEO of CriptoTraki, Maiker Gómez, their BATM move is apolitical. He said:

“It is a gigantic step because it is a much faster process to acquire cryptocurrencies here in Venezuela,” Mr Gómez explained. “Bitcoin can be a safeguard against the devaluation of the Venezuelan currency Bolivar. Users can also use it as a form of payment.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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