First Bitcoin ATM installed in Honduras

The country's first Bitcoin ATM has gone live in Tegucigalpa, the capital of Honduras, Reuters reports.

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The firm TGU Consulting Group installed a device locally dubbed \”la bitcoinera\” in an office high-rise. The crypto machine allows users to buy Bitcoin and Ethereum with the national currency.

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TGU's CEO Juan Mayen explained that prior to this there was no automated way to purchase cryptocurrencies in the country.

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\”You would have had to do this on a peer-to-peer network, find someone who would be willing to trade, meet in person and bring some amount of cash, which is very inconvenient and dangerous, given the situation in Honduras,\” he said.

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To buy cryptocurrency through the device, users must scan an identity card and enter personal data, such as a phone number.

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According to Mayen, many software developers in Honduras are already paid in cryptocurrencies. Moreover, digital assets are a cheaper option for sending remittances, he added.

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In 2020, Hondurans living abroad (mostly in the United States) sent home $5.7 billion, about 20% of the country's ВВП.

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In neighbouring El Salvador, Bitcoin was recognised as an official means of payment. By September 7, 2021, the country plans to install 200 ATMs with access to cryptocurrency.

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However, only 20% of residents approved the initiative of President Nayib Bukele to recognise Bitcoin as a means of payment.

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