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Tuesday, September 28, 2021

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Honduras launches its first cryptocurrency ATM for Bitcoin and Ethereum




Trying to follow in the footsteps of its neighbor El Salvador, Honduras has been present on the crypto scene by presenting its first cryptocurrency ATM, due to the insistence of companies and characters in the ecosystem that are looking for alternatives so that the Central American country can take advantage of the advantages offered by cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH).

The ATM that has been imported into the country has been locally dubbed “La Bitcoinera”, which will allow Honduran citizens to buy cryptocurrencies such as Bitcoin and Ethereum, using the local fiat currency “lempira”.

This first ATM has been installed in Tegucigalpa, thanks to the efforts of the Honduran firm TGU Consulting Group.

Source: Twitter

The executive director of TGU, Juan Mayen, 28, is one of those responsible for the effort made to bring the ATM to Honduras, hoping to educate people about cryptocurrencies through first-hand experience, according to the Reuters portal.

To date, there was no possibility of buying cryptocurrencies in Honduras in such a simple and automated way, said Mayen, who also stated:

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

How to use La Bitcoinera?

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




Mayen added that, in Honduras, an important group of developers receive payments in cryptocurrencies, where he also indicated that One of the advantages of using it as a payment mechanism is that it allows you to save substantially when sending or receiving remittances for the minimum fees charged when using cryptocurrencies such as Bitcoin, different from the case of Ethereum with its controversial gas rate.

According to Reuters figures, only in 2020 Hondurans living abroad, mainly in the United States, They sent an approximate of 5.700 million dollars, which would represent 20% of the Gross Domestic Product (GDP) of the country, only in remittances.

Following in the footsteps of El Salvador

In July of this year, the Central American Bank for Economic Integration stated that was at the disposal of the Central Bank of Honduras to provide technical assistance in the use of cryptocurrencies.

More recently, BeInCrypto reviewed that the president of Honduras would be meeting with Brock Pierce to talk about Bitcoin and its imminent adoption as a legal currency in El Salvador.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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