El Salvador now has the third-largest network of crypto ATMs in the world following the United States and Canada, The country now accounts for 70% of all crypto ATMs in South America.
El Salvador has surpassed the United Kingdom in terms of crypto ATM deployment, according to Coin ATM Radar, with 205 crypto ATMs installed to date to support local Bitcoin transactions and BTC to USD conversions.
When compared to Statista statistics from August 16, it is clear that El Salvador has deployed 201 ATMs in less than a month. Previously, the country was rated 43rd on the list, with only four working crypto ATMs.
President Nayib Bukele earlier claimed that a network of 200 ATMs and 50 branches would first boost Bitcoin adoption. To enable BTC wallets and ATM usage in the country, the Salvadorean government has teamed with Chivo, an in-house cryptocurrency wallet provider.
With 27,664 operational machines and 2,790 new machines deployed in September, crypto ATM installations are at an all-time high around the world.
El Salvador’s attempt to deploy more ATMs coincides with a new presidential directive requiring all companies to accept Bitcoin as payment.
The merchants, on the other hand, have the option of converting Bitcoin payments to US dollars before withdrawing their profits.
While other authorities are still debating whether Bitcoin can be used as a mainstream asset, an average of 63.7 ATMs being deployed every day around the world.
With a market share of 40.7 percent, Genesis Coin is the most popular crypto ATM maker, followed by General Bytes and BitAccess with 22.7 percent and 12.7 percent, respectively.
Local opposition to Bitcoin adoption in El Salvador has recently resulted in the burning of a Chivo-supported Bitcoin computer.
Those opposed to Bitcoin’s acceptance raised worries about unpredictability, price volatility, and lack of exposure to the cryptocurrency industry.
The Chivo kiosk is the government’s first attempt to build a BTC and USD conversion infrastructure. El Salvador currently accepts both Bitcoin and the US dollar as legal money.