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Argentina Joins In Rising Use Of Bitcoin (BTC) ATM Despite Regulation

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Different countries have started deploying Bitcoin ATM, and now, Argentina has also followed the trend. Yesterday, it was reported that some Russian residents of Rostov are now accepting Bitcoin and Bitcoin Cash. The trend is common among taxis and stores in the port on Don River with increasing number of Bitcoin teller machines installed in different supermarkets.

Those behind the development are up till now not deterred by regulations and growing clampdown on cryptocurrency.

According to a cryptocurrency survey conducted earlier this year among Russians, it was inferred that more than half of Russians know what Bitcoin is, with the knowledge more predominant among young people in metropolis.

Argentina Deploys 200 Bitcoin ATM

After the Central Bank of the Argentine Republic (BCRA) accepted Bitcoin Automatic Teller Machines in the country, there is indication that the country may receive massive 4000 new crypto-enabled ATMs.

A statement by the CEO of Odyssey Group, Sebastian Ponceliz gives more insight on the development saying, plans are ongoing to see that the country installs around 4000 ATM.

“We have pre-agreements to install 4,000 ATMs… but that is only a small part of the Central Bank’s expected 30,000 new machines throughout the country.”

Earlier, Odysssey Group made known it installed around 200 BTC ATM in the country, last year.

“The idea was born from the understanding that the world monetary order is changing,” he told the publication.

“There is what I call monetary convergence that makes us use different types of means of payment and exchange (cash, crypto, e-wallets, loyalty points, etc.) and the human contact point for that is an ATM that can transact multiple currencies, turning digital money into physical and vice versa.”

If the machines are dished out, Argentina now has the potential of being ahead in cryptocurrency since nearly all machines deployed in the past do not take cognizance of fiat and cryptocurrency at the same time.

“Odyssey is the first global platform integrating fintech, cryptocurrency and cash […] facilitating the movement of foreign exchange, commerce and reduction of transaction costs,” Ponceliz added.

Zimbabwe Deploys Bitcoin ATM

While countries are adopting Bitcoin ATM, the Sothern Africa country, Zimbabwe, has also joined in the move. The country has just a single Bitcoin ATM dispensing cash. Courtesy of Golix, Zimbabwe’s first and largest cryptocurrency exchange, the ATM is loaded with fiat US dollars.

Australia Also Join The Development.

Ahead of Argentina, Australia had announced that it is planning to install 500 machines with Bitcoin selling and purchasing power. Meanwhile, a UK-based BTM operator, Bitlish, also confirmed that it would deploy 5,000 BTC ATM in 2017.

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