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First Bitcoin ATM opens in Honduras

Honduras is following in the footsteps of other Latin American countries by making Bitcoin more accessible to its residents. The country’s first Bitcoin ATM opened just a few days ago. TGU Consulting Group installed the machine in Tegucigalpa, Honduras’ capital and economic center. Reuters reports that “La bitcoinera” (the ATM’s nickname) wants to address the region’s burgeoning demand for bitcoins.

Juan Mayén, the 28-year-old proprietor of TGU Consulting Group, told Reuters that his Bitcoin ATM makes it easier for Hondurans to buy cryptocurrency, which was previously only possible through unregulated peer-to-peer trading platforms or in person.

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“You had to do it peer-to-peer, find someone who had [Bitcoin], who was prepared to do it, see them in person, and carry a specific amount of cash, which is really inconvenient and risky in Honduras,” he said. For the time being, the ATM will only accept Bitcoin purchases up to $380. Users must comply with the law’s know-your-customer standards, scan their identification documents, and complete a form.

TGU Consulting Group, if the machine is found to be harmed, may extend to other Honduran cities, according to Mayén.

Latin America’s Bitcoin

Honduras has joined a growing list of Latin American nations that have Bitcoin ATMs. According to industry tracker Coin ATM Radar, Bitcoin ATMs are functioning in El Salvador, Costa Rica, and Panama in Central America, with the latter leading the way with 18 machines.

According to Coin ATM Radar, Colombia, Brazil, and Argentina have the most Bitcoin ATMs deployed in Latin America, with the newest one in Honduras bringing the total number of ATMs in the region to 90.

Honduras, on the other hand, maybe on the verge of becoming more crypto-friendly. Several cryptocurrency adoption proposals have been sparked by the country’s initiative to create Employment and Economic Development Zones (ZEDE), and the president of the Central American Bank for Economic Integration, Dante Mossi, has expressed his willingness to support the country in such efforts, just as he did for El Salvador.

“We will provide technical support if the president of the Central Bank of Honduras asks for it,” Mossi told regional news site La Prensa. According to Green, the use of cryptocurrencies is similar to the use of the internet: it’s there, the issue is how to frame it in legislation in such a way that these new technologies are used correctly.

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