4000 new Bitcoin ATMs to be setup in Argentina
Argentina’s new ease in ATM regulations, see the setup of 4000 new Bitcoin and other crypto-currency compatible ATM, according to a Bitcoinist report.
Firstly, the new ATM regulations of Argentian allow the placement of ATM outside Banking establishments, in places such as grocery store and pharmacies, and secondly, the new regulations allow private entities to operate setup and run their own ATMs.
The first major player to take advantage of this new regulations are the Odessey Group, which plans to install 4,000 new crypto-currency ATMs, although the Central Bank of Argentina is expecting 30,000 new ATMs throughout the country.
Last year, Odessey Group installed 200 Bitcoin compatible ATM throughout the country but weren’t able to access winder banking features due to regulations ease. But the new banking features open new opportunities and frontiers for Crypto to fiat exchanges.
An ATM costs $8,000 an additional $1,500 to set up the machine and each ATM owners earn money through each transaction. Odessey Group’s CEO Sebastian Ponceliz claims that ATM owners will be able to the setup fee with 6 months of ATM running.
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.