Bitcoin
With the Cryptocurrency ATM
, it’s easier to buy Bitcoin and Ether in Honduras
A cryptocurrency ATM in Honduras has been set up, allowing users to buy bitcoins and ether. This is believed to be the first crypto ATM installed in Honduras, according to reports. Honduras borders El Salvador where bitcoin will 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 believed to be the country’s first cryptocurrency ATM. This allows users to purchase bitcoin and ethereum with the local lempira currency.
The Republic of Honduras can be described as a country in Central America. It borders El Salvador, which has a law that makes bitcoin legal tender along with the U.S. dollars. The law will take effect in September. 7.
The cryptocurrency ATM in Honduras was named La Bitcoinera locally and was installed by the Honduran firm TGU Consulting Group in an office tower in Tegucigalpa’s capital.
TGU CEO Juan Mayen, the 28-year-old CEO who led the crypto ATM effort, explained that there was no automated way to buy cryptocurrencies until now, stating:
You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry x amount of cash, which is very inconvenient and dangerous given the environment in Honduras.
At the moment, Coinatmradar doesn’t list any cryptocurrency ATMs in Honduras.
Mayen stated that he would like to see more ATMs in cryptocurrency. He pointed out that many software developers are already paid in cryptocurrency, and emphasized that cryptocurrency will reduce the cost of sending money.
In 2020, Hondurans living abroad sent $5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.
With the upcoming Bitcoin Law going into effect, El Salvador President Nayib Bukele said last week that 200 crypto ATMs are being installed.
Do you think Honduras should have more cryptocurrency ATMs? Comment below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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