After neighboring El Salvador became the first country to establish Bitcoin as a legal tender, the first cryptocurrency ATM in Honduras opened this week as Bitcoin supporters tried to stimulate demand for virtual assets.

The machine is called “la bitcoinera” locally, allowing users to use the local lempira currency to obtain Bitcoin and Ethereum, and is installed in an office building in the capital of Tegucigalpa by the Honduran company TGU Consulting Group.

The 28--old TGU CEO Juan Mayen (Juan Mayen) took the lead in bringing ATM to Honduras, hoping to educate people about virtual assets through first-hand experience.

He said that so far, is no automated way to buy cryptocurrency.

He said: “You have to do it point-to-point, find people who are willing to do this, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the Honduras environment,”.

On Friday, an Ethereum transaction price 3,237 US dollars (approximately 237,000 rupees) and Bitcoin; 48,140 US dollars (approximately 3.538 million rupees). If the service is popular, Mayen said he hopes to install more devices.

To make a purchase, users must scan official identification and enter personal data such as phone numbers.

Mayen said that many software developers in Honduras are already paid in cryptocurrency, adding that remittances are also a cheaper option.

In 2020, Hondurans living abroad (mainly the United States) remitted 5.7 billion U.S. dollars (approximately Rs 41,893 crore), accounting for about 20% of the country’s gross domestic product (GDP).

The Salvadoran Congress approved a proposal by President Nayib Bukele in June, making the country the first country in the to adopt Bitcoin as legal tender.

See also  U.S. Department of Justice launders over $ 300 million in money to Ohio men via Bitcoin

Elsewhere in the region, legislators draft bills in Panama to regulate the use of Bitcoin and its status as legal tender.

The price of Bitcoin in India is approximately Rs. 3.774 million, the price of Ethereum is about Rs. It 250,000 on August 28.

© Thomson Reuters 2021