With a Cryptocurrency ATM, Buying Bitcoin and Ether in Honduras is now easier – Featured Bitcoin News

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Honduras now has a cryptocurrency ATM where users can purchase bitcoin and ether. According to reports, this is the country’s first crypto ATM. Honduras borders El Salvador where bitcoin will be legal tender in just a few days.

ATM with cryptocurrency in Honduras

Reuters reported that a cryptocurrency ATM has been launched in Honduras on Friday. According to reports it is the country’s first cryptocurrency ATM. It allows users to purchase bitcoin and ethereum with the local lempira currency.

The Republic of Honduras can be described as a country in Central America. It borders El Salvador which has passed a law making bitcoin legal to use alongside the US dollars. The law is expected into effect on September 7.

The Honduran company TGU consulting Group installed the cryptocurrency ATM in Honduras. It is locally known as La Bitcoinera.

Juan Mayen, TGU CEO, was 28 years old and led the crypto ATM effort. He explained that there had never been an automated way to buy cryptocurrency.

You had to do it with peers, find someone who… was willing to do it, meet you in person and carry x amount of money, which is very inconvenient and dangerous given the environment in Honduras.

Coinatmradar is currently not able to list any cryptocurrency ATMs in Honduras.

Mayen said that he hopes to add more cryptocurrency ATMs. He noted that many software engineers in the country are already paid using cryptocurrency. This will help to lower the cost for sending remittances.

Hondurans who live abroad sent $5.7 Billion in remittances to the country in 2020. This is approximately 20% of the country’s gross national product (GDP).

Salvadoran President Nayib Bukele announced last week that 200 crypto ATMs had been installed following the coming into effect of the next Bitcoin law.

Do you think Honduras needs more cryptocurrency ATMs. Please comment below.

Credits for the image: Shutterstock. Pixabay. Wiki Commons

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