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- Athena Bitcoin intends to invest more than $1 million in El Salvador to install cryptocurrency ATMs
- According to the Athena Bitcoin website, you can buy bitcoins or sell them for cash using their ATMs
- Bukele has praised Bitcoin’s potential as a remittance currency for Salvadorans living abroad
A company representative said on Thursday that Athena Bitcoin plans to invest more than $1 million (roughly Rs. 7.4 crores) in El Salvador to install cryptocurrency ATMs, particularly in areas where residents receive remittances from abroad. According to the Athena Bitcoin website, you can buy Bitcoins or sell them for cash using their ATMs. As of 10 a.m. IST on June 25, the price of bitcoin in India was Rs. 25.8 lakhs.
Company’s plans to install 1500 crypto ATM’s
The company plans to gradually install 1,500 ATMs, hire staff, and open an office in El Salvador, which became the first country to recognize Bitcoin as legal tender in June. The change will go into effect in September.
President Nayib Bukele of El Salvador set them a difficult goal of 1,500 ATMs, which they will meet in stages. They are a private company, and they want to make sure that their growth in the country is sustainable, according to Matias Goldenhörn, the firm’s Latin America director.
Bukele has praised Bitcoin’s potential as a remittance currency for Salvadorans living abroad. Goldenhörn added that they will initially bring dozens of machines to El Salvador to test the business model, which will most likely differ from that in the United States.
Athena’s First Cryptocurrency ATM
Athena installed its first cryptocurrency ATM a year ago in El Salvador’s El Zonte beach, about 49 kilometers (30 miles) southwest of the capital San Salvador, as part of the Bitcoin Beach experiment, which aimed to make the town one of the world’s first Bitcoin economies.
The World Bank has stated that it cannot assist El Salvador in implementing bitcoin due to environmental and transparency concerns, while the International Monetary Fund has stated that the country’s adoption of the cryptocurrency has macroeconomic, financial, and legal implications.
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.
