Despite the high inflation of peso, Argentina is planning to install almost 200 Bitcoin ATM’s. The goal of this project is to create stability in the financial sector.
The two competitors for Argentina Bitcoin ATM
In October, Argentina installed the first Bitcoin ATM , Reuters reported. In fact, Athena Bitcoin installed their ATM in a shopping mall in Buenos Aires. Moreover, their goal is install 30 cryptocurrency ATMs by the end of 2018.
An American company, Odyssey Group planning to install another 150 machines. They have the same goal. They would like to install the ATMs before the end of the year. And the 80% will fully operate at the beginning of the next year. It is planned to allow clients to use those ATMs for normal bank transactions.
For Odyssey Group this will be the first step towards Latin America. The company’s unconcealed objective to find new areas.
This is a little bit different for Athena Bitcoin. Because they already have 12 ATMs in Columbia, and some more in Mexico. The company said the ATMs currently allows customers to make Bitcoin transactions. The company is planning to modify in the near future. Allowing those for other cryptocurrencies, like Bitcoin cash, Ethereum and Litecoin.
In the current critical situation, the president of Argentina asked the International Monetary for a 50 billion USD loan. In order to stop the freefall of peso. Locals are moving their assets into foreign currencies and digital tokens because of its security and stability.
We can find significant activity on the market of Argentina. The datas from LocalBitcoin showing this. The trading volume, on this peer-to-peer marketplace, represent more than 20 BTC per week, in the last few months.
Despite that, the expansion of the ATMs is still limited by the legal status. One of the leader Crytpo oriented website did this report. However their number is constantly rising, and they are enjoying the increasing number of customers.
Read our other articles on our Main page