Honduras Presents Its First Bitcoin ATM

Honduras is now making it easier for its citizens to access Bitcoin, opening its first Bitcoin ATM. The Bitcoin ATM was installed by HonTGU Consulting Group in Tegucigalpa, Honduras’ capital and economic center.

Honduras Presents Its First Bitcoin ATM
Honduras | Image: The Guardian

According to Reuters, "La bitcoinera," the ATM's nickname, intends to meet the demand for cryptocurrencies in the country.

During an interview, the company's founder Juan Mayén said that his Bitcoin ATM helps Hondurans buy crypto. He stated,

"If you wanted to [buy Bitcoin], you had to do it peer-to-peer, look for someone who had [Bitcoin], who was willing to do it, meet them in person, and carry a certain amount of cash, which is very inconvenient and dangerous in Honduras."

For instance, Mayén also added that the ATM only enables BTC purchases up to $380. However, users should complete their Know-Your-Customer KYC verification. Users must scan their identity documents and fill out a form.

In addition, he said that if the machine turns out to be hit, the group may expand to other cities in Honduras.

Through this move, Honduras joins the list of Latin American countries that use Bitcoin ATMs, including Colombia, Brazil, and Argentina.

Following this action, the president of the Central American Bank for Economic Integration, Dante Mossi, has shown his compliance to support the country in such efforts. Also, he noted that the use of cryptos is like the internet: "It is there; the issue is how to frame it within the law for the correct use of these new technologies.”