Honduras welcomes its first Bitcoin ATM
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Honduras welcomes its first Bitcoin ATM

Saudu Clement
Saudu Clement

TGU Consulting Group, a Honduran company, has installed the country’s first Bitcoin ATM.

According to a Reuters report, TGU chief executive Juan Mayen led the drive to install the BTC ATM in a building located in the capital of Tegucigalpa.

La bitcoinera, as the machine is fondly called, allows crypto users to buy BTC and ETH using the local fiat currency (lempira), provided they are willing to present the required personal information and identification via scanning.

Mayen stated that it was the first automated way to purchase Bitcoin in Honduras, although some developers are already accepting crypto for payments.

Many Hondurans have had to exchange cash for crypto in person, and the TGU exec believes that the process is “very inconvenient and dangerous,” considering that the high level of crime in the country.

As Bitcoin continues to gain ground, lawmakers in some Central American nations have been taking pro-crypto steps. El Salvador, for instance, is planning to install 200 Bitcoin ATMs across the country in preparation for its Bitcoin Law that will take effect on September 7.

A few members of Panama’s congress have also proposed legislation to adopt Bitcoin and other cryptocurrencies.