Honduras Reportedly Gets its First ATM Installed for Bitcoin

As per the latest reports, Honduras, a country in Central America has reportedly had its first-ever ATM installed. The reports suggest that the name of the company that has gotten the ATM installed is known as TGU Consulting Group.

TGU Consulting Group is a company based in Tegucigalpa, which is the capital of Honduras. The company is the pioneer in Honduras when it comes to bringing exposure to Bitcoin through ATM service.

Reuters is the firm that has covered the news and shared information on the matter on Friday, August 27, 2021. The firm has shared details provided by Juan Mayen, the chief executive officer (CEO) at TGU.

According to Juan Mayen, he is the one looking after the installation of the Bitcoin ATMs in Honduras. Therefore, he led the installation of the first Bitcoin ATM at one of the office buildings in the capital of Honduras.

Mayen has revealed that the Bitcoin ATM will not only provide crypto-enthusiasts with access to just Bitcoin. The cryptocurrency enthusiasts would also have access to the second-largest cryptocurrency in the world Ether.

Therefore, the users would have the ability to purchase either Bitcoin, Ether, or both using the ATM service. The users would be able to do it using their local currency, lempira in the process. However, cryptocurrency enthusiasts will be required to scan their identity cards.

The ATMs would require the users wanting to acquire Bitcoin or Ether, to reveal their identities and share their personal information. This is to ensure that no one uses the ATM machine for money laundering or false purposes.

Mayen has revealed that it is the first time an automated channel has been introduced for the citizens of Honduras to buy Bitcoin using lempira. However, there are several software developers in Honduras that have already adopted the Bitcoin technology. They are already providing the citizens of Honduras with access to acquiring Bitcoin and other cryptocurrencies.

Mayen provided clarity on why they have decided to launch an ATM for cryptocurrencies in the country. He stated that the adoption of cryptocurrencies is constantly on the rise in Honduras. With more crypto-exposure, more civilians from Honduras are trying to get their hands on cryptocurrencies.

Before the installation of the ATM, the citizens had to visit the exchanges for cryptocurrencies personally. There, they had to pay with lempira, and get it converted into Bitcoin or other cryptocurrencies. With the world moving towards the electronic space, it was proving really inconvenient for cryptocurrency enthusiasts to pay personal visits for such purposes.

This is what gave them the purpose of introducing cryptocurrency ATMs in the country. This would ensure that the customers no longer have to wait in lines or spare time in order to pay a visit to exchanges for the same purpose.