Buying Bitcoin and Ether Just Got Easier in Honduras with a Cryptocurrency ATM – Featured Bitcoin News

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A cryptocurrency ATM has been installed in Honduras where users can buy bitcoin and ether. According to reports, it is the first crypto ATM in the country. Honduras borders El Salvador, where bitcoin is expected to be legal tender in just over a week.

Cryptocurrency ATM in Honduras

A cryptocurrency ATM was launched this week in Honduras, Reuters reported on Friday. According to reports, it is the country’s first cryptocurrency ATM. It allows users to buy bitcoin and ethereum using the local lempira currency.

The Republic of Honduras is a country in Central America. It borders El Salvador, the country that passed a law making bitcoin legal tender alongside the US dollar. The law is expected to come into force on September 7.

The cryptocurrency ATM in Honduras, locally called La Bitcoinera, was installed in an office tower in the capital Tegucigalpa by the Honduran company TGU Consulting Group.

TGU CEO Juan Mayen, the 28-year-old CEO who led the crypto ATM effort, explained that there was no automated way to buy cryptocurrency until now, saying:

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.

The cryptocurrency ATM tracking website Coinatmradar does not currently list any cryptocurrency ATMs for Honduras.

Mayen said he hopes to install more cryptocurrency ATMs. He noted that many software developers in the country are already paid in cryptocurrency, pointing out that using the cryptocurrency will reduce the cost of sending remittances.

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

With the coming into force of the next Bitcoin law, Salvadoran President Nayib Bukele said last week that 200 crypto ATMs were being installed.

Do you think Honduras should have more cryptocurrency ATMs? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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