By
Steve Muchoki
April 19th, 2024
30 Bitcoin ATMs are to be installed in Argentina by the end of this year as a means of struggling with rapidly growing inflation within the country.
According to the latest report, Argentina will become the next country to turn to the world of crypto in order to struggle with economic crisis and hyperinflation. After the peso, Agentina’s national currency, lost almost 50%, it was decided to install 30 Bitcoin automated teller machines (ATMs) within the country by the end of this year.
In comparison to neighbouring Venezuela, where authorities are trying to solve the same economic problems by launching an entirely new controversial cryptocurrency, Argentina’s government understands that the existent cryptoassests will be a much better solution here.
Behind the decision of ATMs installation are Athena Bitcoin and Odyssey Group, U.S.-based companies, both specializing in the development and operation of cryptocurrency ATMs. Athena Bitcoin has already launched Argentina’s first Bitcoin ATM just a month ago in the capital city of Buenos Aires. Moreover, the company successfully operates 12 ATMs in Colombia, as well as one in Mexico.
Odyssey Group hasn’t got any ATMs in Latin America yet, but it is seeking to enter the region’s market. Argentina will become the company’s first step into it. According to Odyssey Group, it aims to install 150 ATMs within the country by the end of this year, with 80% of them to be operational within the first few months of 2019.
While Athena Bitcoin’s ATMs allow only for buying and selling digital currencies, Odyssey Group’s devices will grant the customers with an opportunity to complete more traditional banking transactions including depositing and withdrawing cash and transferring money between accounts.
As for the relevance of the recent decision, Argentina is being considered as a perfect location for Bitcoin ATMs mostly because of the peso’s hyperinflation, which continues to grow in progression. Such unsustainable economic situation represents itself an ideal opportunity for the cryptocurrency industry.
As Argentina’s operation manager for Athena Bitcoin, Dante Galeazzi, has commented to the topic:
“Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs, and the idea was to be the first to capture the market. With current devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [the peso’s] value, as well as an opportunity to invest in the market.”
As for the potential risks of the decision, it is very likely that Argentina’s authorities will soon dismantle the ATMs rollout for the reason of money laundering, which is highly possibe in the country of unsustainable economy. But it will not stop the continuing spread of ATMs across the globe.
According to a recent study conducted by a B2B research firm MarketsandMarkets, it is forecasted that the world’s market will show a compound annual growth rate (CAGR ) of 54.7% within the next 5-year period.