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Honduras get first Bitcoin ATM amidst surge in crypto interest

Bitcoin ATM

TL;DR Breakdown

  • First Bitcoin ATM installed in Hondura capital.
  • BTM comes when Hondura sees a rise in crypto adoption.
  • Country mulling adopting Bitcoin as legal tender.

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.

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.

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.

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Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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