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With the introduction of crypto ATMs, access to BTC in El Salvador is going to become a lot simpler.
A business official from the United States stated that Athena wants to offer El Salvador’s new crypto-based economy with 1500 Bitcoin ATMs.
The deployment will begin slowly, with a few dozen devices being trialled to create a business model. The Chicago-based company intends to invest more than $1 million to deploy cryptocurrency ATMs in areas where citizens receive remittances from overseas.
Along with installing the new machines it will also hire staff and open an office to carry out operations in El Salvador.
Athena currently operates just two ATMs of this type in El Salvador, one at El Zonte beach as part of an experiment called “Bitcoin Beach” aimed at making the town one of the world’s first crypto economies, and the other in El Tunco, according to CNN.
Matias Goldenhörn, Athena’s Latin America director, told Reuters that Salvadorian President Nayib Bukele had “presented us with a difficult challenge of 1,500 ATMs, which we will go for, but in phases.” We are a private firm, and we want to guarantee that our growth in the nation is long-term.”
On June 17, Athena announced ambitions to grow in the country in the aftermath of lawmakers adopting a measure making Bitcoin legal money. The firm contacted President Bukele and asked whether a thousand machines would enough. He answered that he had set a higher goal for himself.
— Nayib Bukele ?? (@nayibbukele) June 16, 2021
Goldenhörn stated that the business model is likely to be different from that in the U.S., which currently has a total of 19,325 BTC ATMs according to Coinatmradar.
“Initially we are going to bring dozens of machines, (we’ll) test what the business model is like in El Salvador, which will probably be different than in the United States,”
The World Bank has already objected to El Salvador’s Bitcoin adoption plan, citing “the environmental and transparency shortcomings” connected with the digital asset.
On June 22, it was announced that an opposing political party had launched a lawsuit arguing that the new Bitcoin law was unconstitutional and detrimental to the country.