Bitcoin ATM Venezuela

Venezuela’s Largest Department Store Chain Traki Installs Bitcoin ATM

In a recent development, CriptoTraki, the blockchain wing of Traki, has collaborated with Twenty, a local crypto exchange, to install Bitcoin ATMs in one of the premises of the department store. This move had taken place when a few days ago, US President Donald Trump tweeted about his concern on cryptocurrencies and their highly volatile nature. Traki is currently allowing Venezuela people to buy Bitcoin through USD or Euro and has planned to introduce the selling option soon.

It was only a few days back that Venezuelan’s President, Nicolas Maduro, had announced the use of new instruments allowing people to conduct their cross-border transactions via a centralized bank. Currently, the Venezuelan Central bank is running various permutations and combinations to determine if it can hold cryptocurrencies. While many believe this to be a politically-driven agenda, Maiker Gomez, CEO-CriptoTraki, emphasizes this to be a strategic development providing the people of Venezuela an option to safeguard their savings in case Bolivar, official currency of Venezuela, goes through a devaluation in the imminent future.

Crypto-enthusiasts and followers around the world are divided on the matter. While the majority believe that this will further raise the ‘national security issue’ matters in the US on cryptos, some have welcomed this move.

Quite a while ago, a Bitcoin ATM news was hitting the headlines as Venezuela had installed its first cryptocurrency ATM in San Antoni del Táchira. It supports cryptocurrencies, including Bitcoin, Bitcoin Cash, and DASH. This move was celebrated by many enthusiasts to fight the current economic crisis in Venezuela. The collaboration with Traki is yet another step to materialize the whole process of using alternate modes of payments at departmental stores for buying different products. While some belief this to have a positive global impact on countries across the world to start holding BTC in their centralized bank reserves, many still think it to be an alarming situation to be handled before it goes out of control.

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