Home Tech Bitcoin Fever Reaches Honduras With First Cryptocurrency ATM

Bitcoin Fever Reaches Honduras With First Cryptocurrency ATM


The first cryptocurrency ATM in Honduras opened this week as Bitcoin backers sought to spur demand for virtual assets after neighbouring El Salvador became the first country to establish bitcoin as legal tender.

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

Juan Mayen, 28, chief executive of TGU, 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 crypto-currencies, he said.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” he said.

On Friday, one Ethereum was trading at $3,237 (roughly Rs. 2.37 lakhs), and Bitcoin; $48,140 (roughly Rs. 35.38 lakhs). If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users have to scan official identification and input personal data such as a phone number.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad – mainly the United States – sent $5.7 billion (roughly Rs. 41,893 crores), about 20 percent 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 legal tender.

Elsewhere in the region, lawmakers presented draft bills in Panama that regulate the use of Bitcoin and its status as a legal tender.

Bitcoin price in India was around Rs. 37.74 lakhs and price of Ethereum was around Rs. 2.5 lakhs on August 28.

© Thomson Reuters 2021




Source link

RELATED ARTICLES

Two Spacetech Startups Get Access to ISRO Facilities, Expertise to Test Rocket Systems

The Department of Space (DoS) has entered into a Framework MoU with aerospace startup Agnikul Cosmos for access to ISRO facilities and...

iQoo Z5 Price in India Leaks, Launch Tipped for September End

iQoo Z5 is confirmed to launch in China on September 23. The phone is being teased regularly on Weibo in the run...

Google Abused Android Dominance, Shows Indian Antitrust Probe Report

Google abused the dominant position of its Android operating system in India, using its "huge financial muscle" to illegally hurt competitors, the country's...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

4 SpaceX Space Tourists Set To Return To Earth

<!-- -->This will be the third time that Elon Musk's company has taken humans to space and backWashington: The four private space tourists...

Sparse Attendance At Rally In Support Of US Capitol Rioters

<!-- -->Demonstrators gather for the "Justice for J6" rally in Washington.Washington: A few hundred protesters turned up Saturday in Washington to rally in...

Congress Needs Permanent President: Shashi Tharoor

<!-- -->We all want Congress to have a permanent president, said Shashi Tharoor (File)Muvattupuzha (Kerala): Expressing the need to have a permanent president...

President Ram Nath Kovind Says COVID-19 Pandemic Hit Country’s Economy Hard

<!-- -->The government has taken fiscal measures for welfare of the poor: President Ram Nath Kovind (File)Shimla: President Ram Nath Kovind on Saturday...

Recent Comments