US ATM distributor, Odyssey Group, has announced that it has pre-agreements to install 4000 Cryptocurrency ATMs throughout Argentina, after an easing of regulations by the Central Bank of Argentina (BCRA)
The new laws enable the installation of ATMs, of any kind, to be installed in supermarkets, shopping malls, and cinemas. Until now, operating licenses have only been issued to Argentinian company Bancelo and international Link networks, providing they site their machines on banking premises. The new legislation has broadened location rules and also opened up the market to independent players.
Odyssey Group CEO, Sebastian Ponceliz, explains that company platform, Octagon, “… allows the ATM user to obtain cash, exchange cryptocurrencies, obtain microcredits, transfer money and many other functions through electronic wallets.” Ponceliz has said that the planned 4000 ATMs is only a small part of the BRCA’s expected 30,000 machines to be installed across Argentina due to the new legislation.
Bitcoin ATMs are a becoming a global phenomenon, breaking down the entry barrier of identity verification by allowing the public to use cash or a debit card to purchase BTC immediately. The transaction issues a physical paper receipt with a QR code on it allowing users to scan that code into any wallet.
Bitcoin ATMs are becoming a more common sight, particularly in major capitals or centers, and the US currently has the greatest total of around 1,700 machines nationwide. Statistics show that there are now more Bitcoin ATMs than traditional banking machines being installed currently, with on average, five new machines being positioned each day.
There are now approximately 3000 Bitcoin ATMs installed in 67 countries and nearly half of these support altcoins as well as Bitcoin. In 2017 the number of Bitcoin ATMs doubled from just 954 to 2,028. Surprisingly Asia only has just 2.16% of the world total with the US, Canada, and the UK leading the way.
China’s last ATM
China now has one Bitcoin ATM, after its cryptocurrency shut down, it’s been moved from a cafe in Shanghai’s Zhangjiang high-tech park where it was used by employees. In now stands in the lobby of the headquarters of BTCC, one of the worlds oldest crypto exchanges. The machines’ screen shows that there’s ‘no bitcoin available for trading.’
Image Courtesy: https://pixabay.com/en/atm-money-cash-payment-finance-2923515/ jarmoluk