Banking/FinanceNews

4000 New Crypto-Compatible ATMs to Open in Argentina

Crypto ATMs are increasing around the world and 75 percent of them are located in the Americas. Argentina regulatory changes about ATMs will encourage establishment of crypto ATMs.

Argentina is joining the crypto craze by adding 4,000 new crypto-compatible ATMs across the country. This comes even as a decision by the Central Bank of the Argentine Republic eased regulations on automatic teller machines.

The regulatory decision has nothing to do with cryptocurrencies. However, it now allows installation of ATMs in places other than banking establishments including grocery stores and pharmacies among others. The regulation also allows private entities to establish ATMs unlike previously when licenses were granting only to international Link networks and the local banking network Banelco.

The central bank now expects around 30,000 ATMs across the country following the changes in regulation. Also, following the changes, Odyssey Group will install 4,000 ATMs according to its CEO Sebastian Ponceliz. Odyssey already runs 200 crypto ATMs around the country. The company installed the ATMs last year. The ATMs allow for two-way exchange of Bitcoin, Litecoin, and Ethereum.

Ponceliz said the “world monetary order is changing.”

“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.),” he said. “The human contact point for that is an ATM that can transact multiple currencies, turning digital money into physical and vice versa.”

The ATMs carry a hefty price tag of $8000 plus the installation cost of between $1000 and $1500. Independent owners will also have to keep them stacked with cash. The company says the machines will pay off the cost in around six months.

There is an increasing interest in Bitcoin and crypto ATMs around the world. More than 75 percent of these machines are located in the Americas. Europe now has around 2662 Bitcoin ATMs and is also expecting 5,000 machines to be installed by Bitlish.

How would you expect installation of more ATM crypto machines in Argentina to change crypto markets there? 

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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