In the midst of a bullrun recovery, Honduras opens its first Bitcoin (BTC) ATM. TGU Consulting Group has installed a BTC ATM in Tegucigalpa, the capital and economic center of Honduras.
Following in the footsteps of El Salvador on the subject of Bitcoin?
Following in the footsteps of other Latin American countries, such as El Salvador, which promises Bitcoin ATMs on every street corner, Honduras is now making it easier for its citizens to buy BTC.
A few days ago, the country thus welcomed its first BTC ATM, the very first Bitcoin ATM. The machine was installed by TGU Consulting Group in Tegucigalpa, the capital and economic center of Honduras. According to Reuters, “La bitcoinera” (the ATM’s nickname) aims to meet the growing demand for cryptocurrencies in the region.
TGU Consulting Group owner Juan Mayén, 28, told Reuters that his ATM would make it easier for Hondurans to buy cryptos, which previously had to be done via unregulated peer-to-peer trading platforms.
“If you wanted to buy Bitcoin, you had to do it peer-to-peer, look for someone who had Bitcoin, who was willing to sell it back to you, meet them in person and take a certain amount of money with you, which is very inconvenient and very dangerous in Honduras.”Juan Mayé, CEO of TGU Consulting Group
For now, the ATM only allows Bitcoin purchases up to $380. However, users must comply with the law, which requires them to verify the identity of their customers. And yes! Even with an ATM you can’t escape good old KYC… Know Your Customer, which is the procedure companies perform to verify the identity of their customers by scanning their IDs and asking to fill out a form.
If the machine works well, TGU Consulting Group could expand to other cities in Honduras, Mayén said.
Bitcoin is on fire in Latin America
It’s almost impossible not to talk about it every day, so much news is coming out of this part of the world. Yesterday we were talking about El Salvador’s distribution of $30 e, bitcoins to each of its citizens. Today Honduras joins a growing list of Latin American countries that use BTC ATMs.
In Central America Bitcoin ATMs are active in El Salvador, Costa Rica and Panama, the latter leading the way with 18 machines, according to Coin ATM Radar. In Latin America, Colombia, Brazil and Argentina have the most BTC ATMs installed, with a total of 90 BTC ATMs.
Honduras may be on the verge of becoming increasingly crypto-friendly. The initiative to create Employment and Economic Development Zones (ZEDE) in the country has served as a catalyst for several proposals to adopt cryptos. Moreover, Central American Bank President Dante Mossi has expressed his willingness to support the country in such efforts, just as he did for El Salvador.
“The president of the Central Bank of Honduras can ask for technical assistance; if he wishes, we will provide it. The use of cryptocurrencies is like the Internet: it’s out there; the problem is how to frame it in the law for the proper use of these new technologies.”Mossi to regional newspaper La Prensa
The list of countries that are starting to take an interest in Bitcoin and cryptos continues to grow every day. So does the list of ATMs, Bitcoin distributors, that are multiplying around the world. Bitcoin ATMs bring a real-world, grassroots view of the blockchain. In part because of restrictions on remittances from the U.S., even Cuba is ready for the big crypto jump!