TL;DR Breakdown • El Salvador is the first country in the world to accept Bitcoin as legal currency and is now preparing to install Bitcoin ATMs.• The crypto industry in El Salvador has experienced constant innovation. El Salvador trended when it announced that it would accept Bitcoin as legal currency. Since then, the crypto market … Read more
• El Salvador is the first country in the world to accept Bitcoin as legal currency and is now preparing to install Bitcoin ATMs.
• The crypto industry in El Salvador has experienced constant innovation.
El Salvador trended when it announced that it would accept Bitcoin as legal currency. Since then, the crypto market in the country has seen constant growth and innovation. The latest plan from the government of El Salvador is to install 1,500 digital currency ATMs throughout the country.
These Bitcoin ATMs will be courtesy of Crypto Athena Bitcoin, the ATM manufacturer. Athena Bitcoin is planning to invest close to $1 million towards installing these ATMs in El Salvador.
Bitcoin ATMs will be nationwide
A company representative affirms these ATMs will be installed mainly in areas where residents receive remittances from abroad. The Athena Bitcoin company website indicates that users can buy or sell Bitcoin for cash through their ATMs.
The company wants to install 1,500 ATMs. Additionally, they also want to wants to recruit and hire personnel to establish an office in the country. El Salvador has become the first country to recognize and adopt Bitcoin as a legal currency in June. The measure will take effect in September.
Matias Goldenhörn, Crypto Athena Bitcoin director for Latin America, has said that President Nayib Bukele presented a great challenge of 1500 Bitcoin ATMs. The company plans to install the Bitcoin ATMs progressively and in phases. The director also commented that they are a private company and want to ensure that their development in El Salvador is innovative and sustainable.
However, this is not the first ATM of this company in the country. The Athena Bitcoin firm placed its first automated digital currency ATM a year ago on El Zonte beach in El Salvador; it is 30 miles (49 kilometers) southwest of San Salvador, the country’s capital.
This was part of an experiment named Bitcoin Beach and aimed to establish one of the world’s first Bitcoin economies.
An innovative project for El Salvador
The President of El Salvador has praised the potential of Bitcoin to send remittances for Salvadorans living in other countries. President Bukele has announced this development will not be limited to only Bitcoin ATMs in the country.
President Bukele has said that the nation will boost its BTC mining activities with geothermal energy from volcanoes. This move came in response to recent concerns regarding Bitcoin’s crypto power consumption and its impact on the environment.
This development was followed by the World Bank’s claims that it will not help El Salvador given the environmental deficiencies that the country faces and the transparency in its Bitcoin implementation. The International Monetary Fund (IMF) has also commented that it has seen financial, macroeconomic, and legal problems with this cryptocurrency adoption in El Salvador.