Argentine is about to have 4000 new crypto enabled Automated Teller Machines (ATMs) installed all over the country. It is thanks to the regulations that have eased with regards to ATM’s allowed to be placed in nonbanking establishments in Argentina.
The Central Bank of the Argentine Republic (BCRA) has allowed ATM’s to be placed anywhere, and not just banks which were the previous regulations.
There have been only two players so far in Argentine’s ATM market. One is the local Banelco and the other the international Link network. Now independent and third-party ATMs can be integrated into the existing financial system.
The Central Bank expects to open 30,000 new ATMs across Argentine given the flexible rules being implemented.
The new freedom in ATMs being located anywhere has given rise to Odyssey Group planning to install 4000 crypto enabled ATMs across the country. There are already 200 Octagon models of Odyssey spread in Argentine that was introduced last year. It was used only for exchanging Bitcoin, Ethereum and Litecoin hence could not be used for withdrawals due to the controlled banking network access.
Odyssey describes the crypto ATM’s as “as “really just a vending machine that dispenses cash instead of snacks or soda.”
The total estimated cost of a machine is $8000 with an installation fee between $1000 and $1500 with the owner having to stock the machine up with money. According to estimates, Odyssey plans to retrieve initial costs within five or six months.
A mobile application will allow customers to locate nearby cryptocurrency ATM’s and let them see if it is operational with cash.
Argentine has hopped onto the cryptocurrency ATM bandwagon with many other countries already adapting to its use. As of now according to a report by Statista, there are 2662 Bitcoin ATMs installed worldwide.
The Southern African country, Zimbabwe has a single Bitcoin ATM dispensing cash thanks to Golix which is Zimbabwe’s first and largest cryptocurrency exchange. It dispenses US dollars due to the value of the local currency.
Even Australia hopes to install 500 machines with Bitcoin selling and purchasing power. British cryptocurrency exchange, Bitlish confirmed it would deploy 5000 BTC ATM’s soon around Europe.
The United States has the most Bitcoin ATMs in the world, with the number of Bitcoin machines increasing from 502 in January 2016 to 2050 in January 2018.
Image Source: “Flickr” – By Amrit Mirchandani