Data reveals El Salvador as third in global Bitcoin ATM installations By BTC Peers
According to data from Coin ATM Radar, El Salvador now has the third-largest network of crypto ATMs after the United States and Canada.
70% of South America’s cryptocurrency ATMs can be found in Central America. El Salvador is also ahead of the United Kingdom in its crypto ATM count after deploying 205 crypto ATMs to facilitate local transactions.
Comparing statista data from August 16, El Salvador has installed 201 ATMs in a matter of months. The country was previously ranked 43rd in the list of crypto ATMs, and only had four functioning crypto ATMs.
Recall that President Nayib Bukele previously said that Bitcoin’s adoption would be supported by a network of 200 ATMs and 50 branches. In order to support the BTC wallets as well as ATM use in Salvador, the Salvadoran government partnered with Chivo (an in-house cryptocurrency wallet service provider).
The rise in El Salvador’s ATM installation drive complements the recent presidential order mandating all businesses to accept payments in Bitcoin. Merchants still have the option of converting Bitcoin payments to USD to withdraw their earnings.
Globally, the number of crypto ATMs installed is at an all time high, with 27664 machines currently in use and 2 790 machines added to September. An average of 63.7 Bitcoin ATMs gets installed globally every day even as other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset.
Genesis Coin is the most popular crypto ATM manufacturer, with 40.7% market share. General Bytes (22.7%) and BitAccess (12.7%) control the respective markets.
Meanwhile, El Salvador’s recently pass Bitcoin Law has met some resistance from local citizens. A Chivo-supported Bitcoin machine was set on fire by protestors a few days back. Protesters voiced concerns over price volatility, lack of access to crypto markets, as well as uncertainty.
El Salvador is currently using both Bitcoin and U.S. dollars as legal tender. The Chivo kiosk is the government’s first attempt to create an infrastructure for BTC and U.S. dollar conversions.
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