• Purchasing Bitcoin and Ether in Honduras Has Just Become Easier Thanks to Cryptocurrency ATMs

  • Honduras now has a cryptocurrency ATM where users may purchase bitcoin and ether. According to rumors, this is the country’s first cryptocurrency ATM. Honduras shares a border with El Salvador, where bitcoin will become legal tender in a little more than a week.

    Honduras has a cryptocurrency ATM.

    According to Reuters, a bitcoin ATM opened this week in Honduras. According to rumors, this is the country’s first cryptocurrency ATM. It enables users to purchase bitcoin and ethereum with their local lempira money.

    The Republic of Honduras is a Central American republic. It shares a border with El Salvador, which has made bitcoin legal tender alongside the US dollar. The law is due to take effect on September 7.

    Honduran firm TGU Consulting Group established the bitcoin ATM in Honduras, known locally as La Bitcoinera, in an office tower in the capital of Tegucigalpa.

    TGU CEO Juan Mayen, the 28-year-old CEO who led the crypto ATM endeavor, noted that there had previously been no automated means to purchase cryptocurrency, stating:

    You had to do it peer-to-peer, find someone who… was prepared to do it, meet in person, and carry x amount of cash, which was inconvenient and risky given the atmosphere in Honduras.

    Coinatmradar, a cryptocurrency ATM tracking website, does not presently display any cryptocurrency ATMs in Honduras.

    Mayen stated that he plans to install more bitcoin ATMs in the future. He pointed out that many software engineers in the country are currently paid in cryptocurrencies, underlining that adopting bitcoin will reduce the cost of making remittances.

    In 2020, Hondurans living abroad sent $5.7 billion in remittances, accounting for over 20% of the country’s GDP.

    With the impending implementation of the Bitcoin Law, El Salvador President Nayib Bukele announced last week the installation of 200 crypto ATMs.

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