More Bitcoin Functionality in Argentina
Bitcoin and other cryptocurrencies have been received rather warmly in Argentina. The country is home to a growing cryptocurrency and blockchain community. Given the financial struggles plaguing the Latin American country, it is only normal consumers and business start to look for alternative financial tools. Bitcoin and some altcoins make a lot of sense, as they are not controlled by the central bank.
That said, obtaining cryptocurrency with cash can sometimes be a bit difficult. Bitcoin ATMs are a welcome addition since they let anyone buy cryptocurrency with cash in a convenient manner. It appears between 200 and 250 of these teller machines will be installed in Argentina between now and the end of October 2017. Given the popularity of Bitcoin ATMs worldwide, it is not entirely surprising to see such a major effort in Argentina. However, it does not happen often hundreds of these machines are brought online in such quick succession.
Odyssey Group is the company behind this initiative. The group has announced they will maintain all of these Bitcoin teller machines and support a few altcoins as well. All of these new machines will support Ethereum and Litecoin transactions as well. It appears two-way support will be made available for all three cryptocurrencies from the start. More currencies may be supported at a later time, depending on how the local communities respond to these machines in the coming months.
Odyssey Group CEO Sebastian Ponceliz states:
“Our company transfers technology outside the United States. The Octagon platform, allows to communicate with the transactional port of each country and in that way, to manage the bidirectional ATMs. Octagon, allows the ATM user to obtain cash, exchange cryptocurrencies, obtain microcredits, transfer money and many other functions through electronic wallets. Octagon is the first global platform integrating fintech solutions, cryptocurrencies, and cash, of direct contact with the human being, facilitating the movement of foreign exchange, the commerce and the reduction of the transactional costs. “
Based on the information we received, the cryptocurrency ATMs will be installed in Buenos Aires, Jujuy, and Córdoba. Odyssey Group is apparently also in talks with central banks of other Latin American countries to expand this ATM network to other regions. Those regions include Chile, Paraguay, Colombia, and Mexico. Argentina is the number one priority, for now, thanks to its recent change in legislation. Due to this change, private entrepreneurs can perform ATM installations.
All things considered, it is good to see more two-way cryptocurrency ATMs in the world. The vast majority of these devices around the world only allow users to convert cash to cryptocurrency. However, there is also a growing demand for services in the other direction. Argentina may very well set a new trend for the rest of the world to follow. It is an interesting development that may bring some positive financial vibes to the Latin American country moving forward.