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Intro: Bitcoin ATM has been installed first in the capital of Tegucigalpa which will allow crypto enthusiasts to purchase bitcoin or Ethereum using the fiat currency of the country.
A Honduran Company, TGU Consulting group is based in the capital of Tegucigalpa. The company is the first one to have installed the country’s first Bitcoin ATM.
Juan Mayen, TGU Chief Executive has initiated the move to install the Bitcoin (BTC) ATM in one of the capital’s offices buildings. The la bitcoineria machine will allow crypto investors to purchase bitcoin or ethereum using the fiat currency of the country. The fiat currency is lempire.
The customers before purchasing from the ATM have to scan their IDs and disclose certain personal information to enjoy purchasing crypto from the machine.
Mayen is very excited to have initiated the project and said that this is the first automated project to buy bitcoin in Honduras. There are many software developers accepting crypto for payments.
As per the TGU Executive, several Hondurans were trading in cryptocurrency but they had to exchange the fiat into crypto in person which was very dangerous. As per the data from a cloud-sourced platform, Numbeo revealed that the level of crime in Honduras is very high.
Embracing crypto
Since the crypto market is showing a bullish trend and continues to grow, many lawmakers believe that Central American nations have been taking more pro-crypto positions. El Salvador is one of the countries which had first accepted bitcoin and is now installing Bitcoin ATMs across the country.
It is being done ahead of the preparation for the cryptocurrency being accepted as a legal tender starting September 7.
A member from Panama’s Congress has also proposed legislation from the country to adopt bitcoin and other cryptocurrencies. Also, recently a Republican Senator Pat Toomey from Congress has requested the public to give inputs on drafting the legislation for cryptocurrencies so that there are smooth transactions implemented.
Senator Toomey has decided to use the feedback and propose a bill that clears the ambiguity around how existing laws, especially in the tax and securities arena, may apply to cryptocurrencies.
The senator has requested the people to submit their responses by September 27. The responses will be based on the issues like securities implications of cryptocurrencies, custody regulation, and investor and consumer protection.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
