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Honduras get first BTC ATM amidst surge in crypto interest

2 min read

TL;DR Breakdown

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

Southern American country Honduras had its first-ever BTC ATM installed in the capital, Tegucigalpa, amidst a surge in interest in crypto assets.

The BTC ATM was installed by Honduran firm TGU Consulting Group, Reuters reports. With the machine, Hondurans can acquire both BTC and ETH 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 BTC 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 BTC as a legal tender in the country.

Honduras BTC ATM lunches at perfect moment

The BTC 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 BTC further in the country as speculation about legalizing the digital asset continues to mount. Honduras newly installed BTC ATM also adds to the growing number of BTM installed globally.

According to previous report, 1,200 new BTC ATMs have been installed this month (in August 2021), representing around 47 machines daily. This comes as BTC 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 BTC as currency

After El Salvador, interest has grown about adopting BTC 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 BTC 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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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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