According to a Bitcoinist report, the Central Bank of Argentina (BCRA) relaxed relevant regulations on ATMs in the country in the same month. After the new regulations are implemented, Argentina will install 4000 cryptocurrency ATMs. The first group of participants following the new regulations, the Odyssey Group, had installed 200 cryptocurrency ATMs in Argentina last year, allowing BTC, ETH, and LTC to switch between them.
The new rules allow the installation of ATMs in local non-bank institutions such as supermarkets, shopping centers and movie theaters. The Central Bank provides a framework of rules for independent and third-party cashiers to integrate into existing payment systems while allowing independent participants to enter the market. As of now, Banelco with local operating licenses and ATMs on the International Link Network are only placed in the bank's business premises.
The Odyssey Group was one of the major players after the new regulations. Odyssey’s CEO Sebastian Ponceliz explained: “We have installed 4,000 ATMs in advance in Argentina... but this is only the Central Bank of Argentina is expected to A small part of 30,000 installations.” The Odyssey Group installed more than 200 ATMs throughout Argentina last year. At the time, these ATMs could not access too many banking networks. They were pure cryptocurrency ATMs, allowing bidirectional exchange of bitcoins (BTC). ), Ethereum (ETH) and Litecoin (LTC). However, with the relaxation of regulatory policies, the convenient exchange of legal currency and cryptocurrency has created entirely new possibilities for these purely encrypted currency ATM machines.
The main function of Bitcoin ATM machines is to allow traders who hold cryptocurrencies to exchange their own cryptocurrencies for cash, or convert them into cryptocurrencies. Bitcoin ATM machines are very different from our well-known cryptocurrency ATMs. Bitcoin ATMs can connect to the Internet, accept cash for Bitcoin, and use blockchains to sell bitcoins.
According to a report from Reuters, in April 2014, the “Bitcoin China” exchange installed China’s first Bitcoin ATM machine in Shanghai. The current BTC ATMs have covered 67 countries, of which Anguilla has the highest coverage rate of 667 units per million residents; San Marino has the second highest coverage rate of 33 units per million inhabitants; 63.
Coins mentioned in post: