In Tegucigalpa, Honduras receives its first cryptocurrency ATM, following El Salvador’s lead

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Honduras has become the first country to install a bitcoin ATM. TGU Consulting Group, a Honduran business, has placed the world’s first Bitcoin ATM in an office building in Tegucigalpa, the Republic of Honduras’ capital.

The cryptocurrency ATM, called “la bitcoinera” in Honduras, lets customers purchase Bitcoin and Ethereum using the country’s native currency, the “Honduran lempira.” To buy cryptocurrency through an ATM, customers will need to scan formal identification and provide personal information such as phone numbers.

Juan Mayen, CEO of TGU Consulting Group, spearheaded the campaign to bring the ATM to Honduras so that residents may learn about digital assets firsthand.

Even though Mayen claimed this as the first automatic means to acquire bitcoin in Honduras, he recognized that many software developers had already paid in cryptocurrency. Many individuals, he added, have resorted to swapping cash for cryptocurrencies in person, which he described as a risky and uncomfortable activity. Mayen stated,

“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 price of Ethereum was $3,236, while the price of Bitcoin was $49,132. Mayen said he intends to install additional ATMs if the bitcoin service becomes popular in the nation.

He claims that sending remittances with crypto assets will be less expensive. For example, in 2020, Hondurans residing abroad, primarily in the United States, remitted $5.7 billion in remittances, accounting for almost 20% of the country’s GDP.

The demand for cryptocurrency is increasing.

Honduras is a Central American nation. It shares a border with El Salvador, which on June 9 approved legislation making Bitcoin legal money alongside the US dollar. The bitcoin law, which was pushed through parliament by president Nayib Bukele in June, will take effect on September 7.

El Salvador has lately begun installing cryptocurrency ATMs and prepping over 50 bank branches to implement a proposed bill that would make Bitcoin legal cash in the country.

El Salvador is residing overseas, according to Bukele, will utilize Bitcoin to transmit money to relatives and loved ones in the nation. According to the president, Bitcoin adoption would save residents $400 million per year in costs for receiving international remittances.

Central American countries have shown interest in following El Salvador’s lead in adopting cryptocurrency. Panama’s legislators have presented a measure that would allow the country to embrace Bitcoin and other digital assets.

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