Argentina could soon be welcoming as many as 30 Bitcoin ATMs by the end of the year as the country battles an economic crisis with its peso.
Argentina Becomes Latest to Receive Crypto ATMs
Last month, it was reported that Argentina had announced austerity measures in a bid to stem their currency crisis. With the peso dropping to a record low, President Mauricio Macri revealed that the country would be cutting spending and raising taxes, reported the Guardian. So far, the peso has fallen 50 percent against the dollar in 2018.
However, despite the intentions to speed up austerity, it produced a negative effect. As a result, the peso continued to fall against the dollar following the news. Consequently, residents are turning their attention to cryptocurrencies. Venezuela is another country that has embraced the crypto market amid hyperinflation.
According to CoinATMRadar, Argentina currently has two Bitcoin ATMs. Both of these are located in Buenos Aires. Yet, in a bid to provide a solution to the country’s residents, Argentina will see 30 more crypto ATMs by the end of 2018, reports Reuters.
U.S.-based Odyssey Group has said that it is planning to install up to 150 Bitcoin ATMs in Argentina. It expects that 80 percent will be in operation by the beginning of 2019.
Athena Bitcoin, a U.S.-based company that specializes in crypto machines, was the firm behind the two Bitcoin ATMs currently installed in Argentina. Dante Galeazzi, Argentina operations manager for Athena Bitcoin, said:
Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market.
Athena Bitcoin also has 12 crypto ATMs installed in Colombia. It has eight in Bogota, two in Cali, and two in Medellin. Dante Galeazzi added:
With currency devaluations, we have seen a spike in Bitcoin transactions. We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market.
Countries Installing Crypto ATMs on the Rise
Argentina joins a growing list of countries embracing Bitcoin ATMs.
Yesterday, it was reported that the U.S. state of Utah was experiencing a rise in the machines as more companies accepted the currency as a form of payment.
Greece has also witnessed an increase in them. Last month, the number installed was 10; however, that figure is now at 13. Whereas, back in June, it was reported that Kenya had received its first Bitcoin ATM as interest in the market continues to rise in the country.
With the market steadily making its way into the mainstream, more people want easy ways to get involved. The installation of crypto ATMs is providing the ideal answer.
How effective do you think Bitcoin ATMs are in countries that are facing an economic crisis? Let us know in the comments below.
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