Venezuelans, on the other hand, do not have access to any cryptocurrency ATMs at the moment. This could change in the future, as Bitbase, a cryptocurrency ATM operator, is in talks with Venezuelan authorities and financial institutions to establish a presence in the country.
Bitbase in talks to bring cryptocurrency ATMs to Venezuela
Bitbase, a Bitcoin service provider, is in talks with the Venezuelan government to set up cryptocurrency ATMs in the country. In an interview with a crypto digital newspaper, he stated that Bitbase has been keeping tabs on Venezuela since 2017 and is now looking to capitalize on the country’s clear cryptocurrency regulations.
I have never shied away from Venezuela’s economic potential, especially now that the country is about to open its doors to the world.
Mexico, Colombia and Venezuela are some of the countries in which it intends to expand its presence in Latin America. The company tries to fill a gap in the Venezuelan market. In the past, there were two cryptocurrency ATMs in the capital, however, they no longer process deposits and withdrawals.
Bitbase expects to complete the talks and begin rolling out the equipment across the country by the third quarter of 2022. De los Reyes did not provide a specific number of machines, but did state that they intend to open stores in malls across the country. to provide better service to customers.
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ATMs have the potential to help cryptocurrency adoption on a national scale.
The establishment of these ATMs and shops, despite bitcoin adoption in the country being strong, according to Bitbase, would allow non-crypto consumers to transact with an established and trusted brand.
People could download their first bitcoin wallet from these companies and be taught how to use the cryptocurrency. This would supposedly benefit older people and individuals who are wary of using cryptocurrency due to lack of faith in the system or lack of technical knowledge.
Statistics, on the other hand, reveal that Venezuelans are already using cryptocurrency on peer-to-peer marketplaces like Localbitcoins and Binance P2P to conduct business and pay for products and services without the need for ATMs or cryptocurrency exchanges.
