Southern American country Honduras had its first-ever Bitcoin ATM installed in the capital, Tegucigalpa, amidst a surge in interest in crypto assets.
The Bitcoin ATM was installed by Honduran firm TGU Consulting Group, Reuters reports. With the machine, Hondurans can acquire both Bitcoin and Ethereum using the local currency known as lempira.
Users are only required to scan official identification documents and input personal data like phone numbers to use the ATM.
The Honduran firm that installed the Bitcoin ATM said that the aim of installing the machine was to help educate residents through digital currencies.
It is worthy to note that Hondura is also being tipped to follow the footstep of El Salvador that recently adopted Bitcoin as a legal tender in the country.
More American countries look into adopting Bitcoin as currency
After El Salvador, interest has grown about adopting Bitcoin in several other countries on the continent.
Most recently Argentina President, Alberto Fernandez said his country was open to adopting crypto as their currency. However, he didn’t speak much on the topic but was optimistic about the idea.
Similarly, unconfirmed report has it that Paraguay, Mexico, and Panama are also mulling adopting Bitcoin as their official currency.
Most countries in America are plunged with high inflation, and the devaluation of the local currency has forced citizens to turn to cryptocurrencies as a hedge.
Honduras Bitcoin ATM lunches at perfect moment
The Bitcoin ATM in the southern American country comes at a time when there is a surge in crypto use among residents, especially among computer gurus and software developers.
The machine would help popularize Bitcoin further in the country as speculation about legalizing the digital asset continues to mount. Honduras newly installed Bitcoin ATM also adds to the growing number of BTM installed globally.
According to previous report, 1,200 new Bitcoin ATMs have been installed this month (in August 2021), representing around 47 machines daily. This comes as Bitcoin ATM operators and Blockchain industry leaders formed a new Cryptocurrency Compliance Cooperative (CCC) towards combating using BTM for money laundering.
A Honduran company based in the capital of Tegucigalpa, has reportedly installed the country’s first Bitcoin ATM.
According to a Friday Reuters report, TGU chief executive Juan Mayen led the move to install the Bitcoin (BTC) ATM in one of the capital’s office buildings. The “la bitcoinera” machine allows crypto enthusiasts to purchase BTC and Ether (ETH) using the local fiat currency, lempira, provided they are willing to scan their IDs and disclose certain personal information.
Mayen said this was the first automated way to purchase Bitcoin in Honduras, but many software developers had been accepting crypto for payments. According to the TGU exec, many Hondurans have had to exchange cash for crypto in person, an action he described as “very inconvenient and dangerous” in the country — data from crowd-sourced platform Numbeo shows the level of crime in Honduras as “very high.”
Lawmakers in some Central America nations have been taking more pro-crypto positions as the market continues to grow. El Salvador is currently installing Bitcoin ATMs across the country in preparation for the cryptocurrency being accepted as legal tender starting on Sept. 7. At least one member of Panama’s congress has also proposed legislation for the country to adopt Bitcoin and other cryptocurrencies.