A cryptocurrency ATM has been installed in Honduras where users can buy bitcoin and ether. According to reports, this is the first crypto ATM in the country. Honduras borders El Salvador, where bitcoin is set to become legal tender in a little over a week.
A cryptocurrency ATM launched this week in Honduras, Reuters reported Friday. According to reports, this is the first cryptocurrency ATM in the country. It allows users to buy bitcoin and ethereum using the local lempira currency.
The Republic of Honduras is a country in Central America. It borders El Salvador, the country which passed a law making bitcoin legal tender alongside the U.S. dollar. The law is set to go into effect on Sept. 7.
The cryptocurrency ATM in Honduras, locally called La Bitcoinera, was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.
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.
The cryptocurrency ATM tracking website Coinatmradar does not currently list any cryptocurrency ATMs for Honduras.
Mayen said that he hopes to install more cryptocurrency ATMs. He noted that many software developers in the country are already paid in cryptocurrencies, emphasizing that using cryptocurrency will lower the cost of sending remittances.
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.
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