ATM for Bitcoin
Athena Bitcoin plans to invest over $1 million to install cryptocurrency ATMs in El Salvador, particularly in areas where inhabitants get remittances from overseas, a business spokesman said on Thursday.
According to the Athena Bitcoin website, you can purchase bitcoin in addition, to sell them for cash using their ATMs.
Installing the Machines
The company plans to progressively install 1,500 ATMs, recruit staff, and create an office in El Salvador. El Salvador became the first government to recognize Bitcoin as legal money in June. The change will go into effect in September.
El Salvador’s President Nayib Bukele has praised bitcoin’s potential as a remittance currency for Salvadorans living overseas.
The firm’s director for Latin America, Matias Goldenhörn, plans to bring dozens of machines and test what the business model is like in El Salvador, which will probably be different from those in the United States.
The First Cryptocurrency ATM
Athena built its first cryptocurrency ATM a year ago at El Salvador’s El Zonte beach. This was part of a Bitcoin Beach experiment aiming at making the town one of the world’s first bitcoin economies.
World Bank Refrains From Assisting
The World Bank has stated that it will not assist El Salvador in implementing bitcoin due to environmental and transparency concerns. Moreover, the International Monetary Fund believes that the country’s embrace of cryptocurrencies has “macroeconomic, financial, and legal difficulties.”
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