The Bitcoin fever hits Honduras with the first ATM of cryptocurrencies

August 27 (Reuters) – The first cryptocurrency ATM in Honduras opened this week as bitcoin sponsors tried to boost demand for virtual assets after neighboring El Salvador became the first country in Honduras to establish bitcoin as a legal tender.

The machine, locally called “the bitcoinera”, allows users to acquire bitcoins and ethereal using the local currency of lempira and was installed in an office tower in the capital of Tegucigalpa by the Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief TGU executive, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy cryptocurrencies, he said.

“You had to do it among peers, look for someone who … was willing to do it, meet in person and bring an amount of cash X, which is very uncomfortable and dangerous given the environment in Honduras” , he said. .

On Friday, an ethereum was trading at $ 3,237 and bitcoin; $ 48,140. If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users must scan the official ID and enter personal data such as a phone number.

Many software developers in Honduras already pay in cryptocurrencies, said Mayen, who added that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad (mainly the United States) sent $ 5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.

The Congress of El Salvador approved in June a proposal by President Nayib Bukele to make the country the first in the world to adopt Bitcoin as a legal tender. Read more

Elsewhere in the region, lawmakers introduced drafts of laws in Panama that regulate the use of bitcoin and its legal tender status.

Reports by Diego Ore, Additional Reports by Elida Moreno in Panama City; Edited by David Gregorio

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