The “la bitcoinera” ATM lets users to buy Bitcoin and Ethereum using local fiat cash by scanning their IDs and providing personal information.
In a report published by Bloomberg, TGU Consulting Group, a Honduran firm with its headquarters in Tegucigalpa, has built the country’s first Bitcoin ATM.
The installation of a Bitcoin (BTC) ATM in one of the capital’s business buildings was spearheaded by TGU chief executive Juan Mayen, according to a Reuters report published on Friday.
If crypto aficionados are ready to scan their IDs and submit some personal information, the “la bitcoinera” machine will allow them to purchase Bitcoin (BTC) and Ethereum (ETH) using lempira, the local fiat money.
According to Mayen, this was the first automated method of purchasing Bitcoin in Honduras, but several software developers had already begun accepting cryptocurrency as payment.
According to the TGU executive, many Hondurans have been forced to trade cash for cryptocurrency in person, which he described as “very inconvenient and dangerous” in the country, where the incidence of crime, according to data from crowd-sourced platform Numbeo, is “extremely high”
As the cryptocurrency business continues to grow, legislators in some Central American countries are taking increasingly pro-crypto attitudes.
Currently, El Salvador is putting up Bitcoin ATMs throughout the country in anticipation for the cryptocurrency’s acceptance as legal cash, which will take effect on September 7. Additionally, at least one member of Panama’s congress has suggested legislation that would allow the country to accept Bitcoin and other cryptocurrencies.
According to Cointelegraph Markets Pro, the price of bitcoin is $48,976 at the time of publication, having increased by more than 3 percent in the last 24 hours. The price of ETH currently stands at $3,272, having climbed by more than 4% over the same time period as the previous month.
