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Cryptocurrency adoption is skyrocketing, leaving no country behind, and especially spreading to those that suffer financially. The most recent example is Honduras, which just got its first Bitcoin ATM installed.
Honduras installs a Bitcoin ATM as a safe way to exchange coins and cash
Honduras has recently seen a bit of growth when it comes to its economy, although only due to remittances and strong export performance. Even so, nearly 60% of its population remains below the poverty line, with 36.2% still being in extreme poverty, according to the World Bank’s overview.
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The situation in the country is less than favorable for its people, which is why it is not surprising that its crypto adoption is growing. As mentioned, the country recently received its first Bitcoin ATM; installed by a local company called TGU Consulting Group, based in Tegucigalpa.
TGU CEO, Juan Mayen, personally led the move to install the ATM in one of the office buildings of the country’s capital. The device will now allow the local cryptocurrency users to buy Bitcoin and Ethereum with their fiat currency, lempira. However, it will also require users to scan their IDs, as well as provide personal information.
The practice is necessary in order to avoid regulatory problems, and it is similar to the necessity to verify one’s identity when using any online crypto exchange. Mayen also added that this will be the first automated way to buy BTC in Honduras, even though Bitcoin has already been accepted as a means of payment by numerous software developers.
Crypto users have often had to buy Bitcoin (BTC/USD) from others in person, which is not only inconvenient but also dangerous for buyers and sellers alike. Especially considering that crime levels in Honduras have been very high, according to the Numbeo platform’s data.
Bitcoin price recovers as adoption grows
As mentioned, this is only the most recent example of the growth of crypto adoption in countries around the world. Before this, one of the most controversial moves was El Salvador’s decision to adopt Bitcoin as a legal payment method in the entire country, and use it as legal tender. The final move to adopt BTC in the country will take place on September 7th, which is less than 10 days away.
For now, the country is preparing for this last step by installing BTC ATMs throughout its cities. Bitcoin itself recently saw a price surge that took it back to $50,000 per coin, only for this resistance to once again reject it and push it back down to the current $47,958.