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Argentina To Get More Bitcoin Machines Amid Rising Inflation

The government is set to push for installation of more bitcoin machines after short-term measures failed to rescue the peso. 


 

Argentina To Get Additional Bitcoin ATMs

Argentina now plans to install additional bitcoin ATMs amid the escalating economic crisis in the country. In September, authorities resolved to roll out short-term measures to tackle the declining economy with the country’s currency, the peso, drastically dropping. President Mauricio Macri announced that the government will cut on costs and increase taxes as a remedy. From the start of 2018, the peso has declined by 50% in comparison with the dollar.

Despite the austerity measures in place, the desired results have not been achieved since the peso did not stabilize as desired. Residents have been forced to turn to cryptos are a remedy.

At the moment, the South American country has only two bitcoin ATMs in the capital Buenos Aires. Media reports indicate that the country is set to install at least 30 new ATMs before the year ends.

The news comes at a time when Odyssey Group from the US revealed that plans are underway to install close to 150 ATMs in Argentina. The ATMs will start operating early 2019.

The two machines operating in Buenos Aires were installed by Athena Bitcoin, a US-based firm. The company focuses on manufacturing cryptocurrency machines. According to Athena Bitcoin’s official,,  Dante Galeazzi, ATMs in cryptos are on the rise in the modern world.

Countries With Bitcoin ATMs

Athena Bitcoin has other operations in South America. The firms has 12 ATMs located in various regions within Colombia with Bogota leading with eight machines. Galeazzi added that with global currency devaluation, bitcoin transactions have been on the rise. He said that investing in the market will worthwhile for Argentina in safeguarding the position of the peso in the global economy.

The United States is also experiencing a spike in the number of ATM machines installed. On Thursday, it emerged that the state of Utah has seen a rise in the number of machines. The state is taking the lead in terms of companies that are accepting payments in bitcoins.

Elsewhere in Greece, the country has also experienced a lot of activity in terms of bitcoin transactions. By September, Greece had about ten machines permitting bitcoin transactions.  Reports indicate that the number has risen by three. In Africa, Kenya has one ATM machine that started operations in June amid increasing interest in bitcoin.


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