First Ever Bitcoin ATM to Open in Venezuela within 2 Weeks

  • There are currently 4,195 Bitcoin ATMs (BTM) installed worldwide in 76 different countries.
  • Local news sources reported that first ever BTM has arrived in Venezuela and will be launched in next 2 weeks.

Jorge Farias, the CEO of Cryptobuyer, a company that “helps people in countries with high levels of hyperinflation” by providing them with convenient access to crypto ATMs, has revealed that the first ever Bitcoin (BTC) ATM has arrived in Venezuela.

Farias, who is also the co-founder of PanaFintech, a Panama-based firm that offers educational courses on “financial innovation”, said during an interview with Union Radio: 

We are going to install the first cryptocurrency ATM in Venezuela over the course of the next two weeks.

Bitcoin ATM In Its "Final Test Stage"

Farias also mentioned that the Bitcoin ATM (BTM) had already been physically installed in Caracas, Venezuela’s capital city. He added that the installation process was “in its final test stage” and his firm, CryptoBuyer, would be announcing the official launch of the BTM on social media networks.

Cryptobuyer has previously set up five BTMs in Panama city and the company serves as a merchant acceptance platform for bitcoin, litecoin (LTC), and dash (DASH) payments. As CryptoGlobe reported in May 2018, there were 3,028 BTMs worldwide, according to Coin ATM Radar. This number has grown considerably as the BTM tracking website shows there are now 4,195 BTMs throughout the world.

These BTMs are located in 76 different countries and are managed by 526 organizations. Crypto analytics firm, Data Light reported in December 2018 that an average of 6 digital currency ATMs were installed per day in 2018.

Coinme, Coinstar Partner To Make Buying Bitcoin Easier

Data Light also found that nearly all the BTMs supported bitcoin (BTC) and over half of them support litecoin. Nearly 2,000 support Ethereum’s native token, ether (ETH) and many of the BTMs support bitcoin cash (BCH). Privacy-focused coins such as monero (XMR), dash, and zcash (ZEC) are supported by some BTMs as well.

As covered on CryptoGlobe, Coinme, a US-based licensed BTM operator, and Coinstar, a company that manages about 20,000 fully-automated self-service coin-counting kiosks worldwide, announced they would partner to allow users to buy BTC with fiat money (USD).

Bitcoin can be bought "at participating retailers that have Coinstar kiosks enabled for the Coinme product", Coinme’s website explains. However, only paper money (and not coins) can be used to purchase BTC from these kiosks. Currently, Coinstar operates hundreds of kiosks in eleven US states including Arizona, California, Colorado, Illinois, Indiana, Kansas, Louisiana, New Mexico, Texas, Utah, and Washington.

Israel Bitcoin Association Petitions Banks to Reveal Crypto Policy

Neil Dennis

A number of Israel's bitcoin traders have already filed lawsuits against the country's banks and on Monday traders lodged a formal petition demanding that the financial industry explains its cryptoasset policy.

Israel's banks have barred the country's crypto investors from depositing the returns on their bitcoin and other digital currency investments due to the nation's strict laws on money laundering and the financing of terrorism.

In recent months banks have even blocked investors who are known to trade cryptoassets from opening accounts, according to a report by Israeli business journal Globes.

Central Bank Warning

Israel has seen strong growth in digital currency investment in recent years and in 2014 the Bank of Israel, the nation's central bank, issued a warning - in co-operation with the Tax Authority and several regulatory agencies - about the dangers associated with the use of virtual currency, including fraud and money laundering.

Taking aim directly at financial services providers, the statement said:

As the use of virtual currencies enables their anonymous transfer, in many cases evading the need to use financial institutions that are subject  to an anti-money laundering and terror financing prohibition regime, this is an activity with a high risk co-efficient in terms of money laundering and terror financing. Therefore, financial institutions must take this into account within the framework of their risk management policy.

Injunction

Israel's top legal authority is well aware a problem exists. In February 2018, the Supreme Court issued a temporary injunction prohibiting a bank from blocking activities in an account held by a company that engaged in bitcoin trading.

The bank, however, countered the Supreme Court's injunction, citing the 2014 Bank of Israel warning regarding the risks of bitcoin trade. The bank alleged that activities exposing the bank to such unlawful acts might "harm its reputation and public trust in the bank".

While the injunction stood, it did not affect the bank's right to examine individual activities in the account, nor did it affect the bank's ability to take steps to minimize risks associated with the business activities of the company.

Freedom of Information

The freedom of information petition filed in the Jerusalem District Court on Monday by the Israel Bitcoin Association demands that commercial banks make public their policies on cryptoassets.

Jonathan Klinger, legal adviser to the Bitcoin Association, told Globes:

Under the Banking (Licensing) Law, it is the duty of a bank to state to the Bank of Israel the policy under which it refuses to conduct transactions. We therefore contacted the Bank of Israel and asked for this information, but the Bank of Israel did not agree to disclose this policy to us. We therefore decided to petition the court to force the Bank of Israel to provide us with a copy of the policy submitted to it by the banks.

Lawsuits

Last week the Tel Aviv District Court received a petition for approval of a 75 million shekel ($21.3 million) class action suit against Bank Hapoalim that alleges the bank refused a customer seeking to deposit money from the sale of digital currencies.