A cryptocurrency ATM has been installed in Honduras where users can buy Bitcoin and Ether. This is reportedly the country’s first crypto ATM. Honduras borders El Salvador, where Bitcoin is slated to become legal tender in just over a week.
Cryptocurrency ATM in Honduras
A cryptocurrency ATM was launched in Honduras this week, Reuters reported on Friday. This is reportedly the country’s first cryptocurrency ATM. It enables users to buy Bitcoin and Ethereum using the local Lempira currency.
The Republic of Honduras is a state in Central America. It borders El Salvador, the country that passed a law making bitcoin legal tender alongside the US dollar. The law is due to come into force on September 7th.
The cryptocurrency ATM in Honduras, locally called La Bitcoinera, was installed by the Honduran company TGU Consulting Group in an office tower in the capital Tegucigalpa.
TGU CEO Juan Mayen, the 28-year-old CEO who led the crypto ATM effort, stated that as of now there is no automated way to buy cryptocurrencies, stating:
You had to do it peer-to-peer, find someone who … was willing to meet in person and carry x cash with you, which is very impractical and dangerous given the environment in Honduras.
The cryptocurrency ATM tracking website Coinatmradar does not currently list any cryptocurrency ATMs for Honduras.
Mayen said he hoped to install more cryptocurrency ATMs. Noting that many software developers in the country are already being paid in cryptocurrencies, he stressed that using cryptocurrency will reduce the cost of sending money transfers.
In 2020, overseas Hondurans remitted $ 5.7 billion, about 20% of the country’s gross domestic product (GDP).
With the upcoming Bitcoin law coming into effect, El Salvador’s President Nayib Bukele said last week that 200 crypto ATMs will be installed.
Do you think Honduras should have more cryptocurrency ATMs? Let us know in the comment section below.
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