Venezuela is going to have the first cryptocurrency ATM installed by Cryptobuyer, a Bitcoin ATM manufacturer, according to Union Radio, the local radio and news media network (Jan 18).

Jorge Faris, CEO of Cryptobuyer, confirmed the arrival of the first bitcoin ATM in Venezuela during the interview with Union Radio. “We already have the equipment physically installed in Venezuela, in Caracas; it’s in its final test stage and we will then be making an announcement on social networks.” said Faris.

Accordingly, for now only one ATM will be installed in the city of Caracas. Depending on public acceptance, profitability and how the country’s regulatory bodies react, they will evaluate the possibility of increasing the number of ATMs or installing them in other major cities.

Recently, Venezuelan citizens turned into the use of cryptocurrency to make the ends meet during the hyperinflation of local currency. Localbitcoins is the most popular exchange platform in the country. However, it has been reportedly inaccessible a couple of times in the last few month resulting in a decrease in trading volume, according to coin.dance.