For Slowing Down Aggravating Inflation, 30 Bitcoin ATMs Will Be Announced in Argentina
In a proposal to fight the economic crisis tormenting Argentina right now, which has dropped the value of the peso, Athena Bitcoin and Odyssey Group make a decision to introduce 30 Bitcoin ATMs in this year-end. This decision was taken when peso lost almost 50% of its value against USD in this year, as indicated to Reuters.
All ATMs will be able to purchase and sell Bitcoins, with Odyssey Group’s ATMs offering an added component that will likewise facilitate traditional banking transactions, which involves cash deposits and withdrawal, and transfer money between accounts.
This move comes a month after cryptocurrency ATMs appeared in Argentina, with Athena Bitcoin, a US-based organization, installing the first machine in Buenos Aires shopping center. Despite the fact that Odyssey Group doesn’t have any active ATMs in Argentina presently, as per the representatives of an organization, it aims to install 150 machines by the year-end. The organization claims that 80% of them will be capable to transact Bitcoin in the start of 2019.
Dante Galeazzi, the operations director for Athena Bitcoin, Argentina, said, “Now, cryptocurrency ATMs across the globe are developing exponentially. In Argentina, there were no commercial ATMs and the thought was to be the first to capture the market.”
This development isn’t unexpected since the organization already has 12 active teller machines in Columbia. As per Galezzi, Athena Bitcoin decided to cash in on the inflation crisis in Argentina, which represented a massive growth prospective for the cryptocurrencies.
Glaezzi also added, “With currency devaluations, we have seen a spike in Bitcoin transactions. We see that as a safeguard to (peso’s) value, and also a chance to invest into the market.”
An Odyssey Group-owned organization, Octagon, will take care of transactions getting through the previous teller machine in Argentina. As indicated to Begona Perez De Solay, the general manager of Octagon, his organization is planning to deploy 1600 Bitcoin-enabled Odyssey ATMs in the country at the end of 2019.
Since the organizations are utilizing the market opportunity, more users are projected to flow into the cryptocurrency ecosystem.