Despite the high inflation of peso, Argentina is planning to install almost 200 Bitcoin ATM. The goal is to create stability in the financial sector.
Reuters reported the installation of the first Bitcoin ATM in the country, in the last month. Athena Bitcoin installed their ATM in a shopping mall in Buenos Aires. Their goal is install 30 cryptocurrency ATMs by the end of 2018.
The origin of the solution
An American company, Odyssey Group planning to install another 150 machines. They have the same goal, install the ATMs before the end of the year. The 80% will fully operate at the beginning of the next year. The plan is also to allow clients to use those ATMs for normal bank transactions.
Argentina and the BTC ATMs
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. Athena already have 12 ATMs in Columbia, and some more in Mexico. The company said the ATMs currently allows customers to make Bitcoin transactions, but in the near future it will be modified, 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. About the datas from LocalBitcoin, the trading volume on this peer-to-peer marketplace is more than 20 BTC per week, in the last few months.
Despite that the legal status is still limit the expansion of the ATMs reported by one of the leeder Crytpo oriented website. Their number is constantly rising, and they are enjoying the increasing number of customers.
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