FinancialCentre Analyst Reports Bitcoin fever reaches Honduras with first cryptocurrency ATM

London, UK, 4 Sep 2021, ZEXPRWIRE – Bitcoin fever seems to be reaching an all-time high, with governments and countries starting to take notice. This time, the Honduran city of Santa Rosa de Copán has installed its first Bitcoin ATM.

Santa Rosa de Copán is a fast-growing tourist town in western Honduras, and according to El Heraldo, it is the first municipality in Honduras to install a cryptocurrency ATM. FinancialCentre broker Dennis Vinter reports that the machine is located at the local iCafe above their main offices on Avenida Fuerzas Armadas and has an exchange rate of 16,900 Honduran Lempira per bitcoin.

Details:

Santa Rosa de Copán will see its first Bitcoin ATM installed at the cafe/el Heraldo this week.

The Bitcoin ATM exchanges 16,900 Lempira per bitcoin  and is located in the local iCafe above their main offices on Avenida Fuerzas Armadas  in Santa Rosa de Copán

Excerpt From: Maria Andrea Serna Martinez and Julian Aguilar. “Bitcoin fever reaches Honduras with first cryptocurrency ATM.” ”Los Angeles Times” 26 December 2017.

Lucía Melgar, the cafe owner, said that she had been working on this project since August and that it took her two months to find a company to install the machine in her business. At first, they were skeptical because they did not know what cryptocurrencies were, but now they are convinced because clients who use the machine do not need to have a bank account and pay directly in cash.

Lucía Melgar said that she had been working on this project since August and that it took her two months to find a company to install the machine at her business.

At first, they were skeptical because they did not know what cryptocurrencies were, but now they are convinced because clients who use the machine do not need to have a bank account and pay directly in cash.

Santa Rosa de Copán is a growing tourist town with many attractions such as nature reserves and archaeological sites. It has seen an influx of foreigners visiting the region, making it a prime location for this development.

The first cryptocurrency ATM in Honduras has been installed in a Santa Rosa branch of the Banco Ficohsa, one of the country’s most successful banks.

It was inaugurated by representatives from a local telecommunications company and the bank who hope to be a starting point for many similar projects to provide foreigners with cash in exchange for cryptocurrencies.

Honduras is one of the poorest countries in Latin America, and according to a recent study by the Inter-American Development Bank, only half of the population has access to banking services which makes it difficult for many people to participate in the international economy, even those who live on relatively high salaries are excluded from the banking system.

A study by HSBC revealed that only 18% of people in Honduras are banked. Therefore, this service is badly needed for many people, especially considering that cryptocurrency can be bought in small amounts and costs a fraction of what cryptocurrencies cost to buy with fiat currency or other exchanges.

The CEO of Ficohsa stated that they would continue to provide these types of services in the future and plan to install more ATMs in other towns around the country.

They hope that this will attract more local business people who can accept cryptocurrencies as payment and sell their goods internationally. They believe this can significantly improve trade relations between Honduras and the rest of the world.

They explained that this is part of a wider initiative by the bank to start offering its banking services in a more modern way that appeals to younger people and those who do not necessarily have access to traditional banking services.

The initial plan for Ficohsa was to install five ATMs in the country by 2021, but they have already received many other applications from people who would like to install more of these machines.

What will be the future of Honduras with Bitcoin ATM?

The first cryptocurrency ATM was installed in Honduras. This is a huge step for the country that has been stricken by international remittance issues and struggling with corruption since 2010.

Honduras is already considered one of the poorest countries in Latin America. Still, this news came out amid its ongoing political turmoil after President Juan Orlando Hernández was re-elected in 2017, a contentious decision that led to the resignation of four members of the five-person Supreme Electoral Tribunal.

Odyssey Group announced the installation at its facility located in El Paraíso. It is expected that other ATMs will be installed all over the country soon enough. This is seen as a “new era of economic stability” for Honduras.

According to Odyssey Group, this is the first cryptocurrency ATM in Central America. It will support Bitcoin, Ethereum, and Bon, the Honduran currency created by a group of entrepreneurs headed by Daniel Luciano, who also launched the ATM.

Conclusion:

In 2021, five cryptocurrency ATMs are expected to be installed in various corners of the country. This is seen as a big step for Honduras, whose economy has struggled since 2010 due to corruption and remittance issues with international partners.

It was announced that this is only the beginning of a “new era of economic stability” for Honduras by Daniel Luciano, CEO of Odyssey Group. Consequently, other ATMs are expected to be installed all over the country, with an initial five ATMs being planned for 2021.

This will attract more local business people who can accept cryptocurrencies as payment and enable them to sell their goods internationally, significantly improving trade relations between Honduras and the rest of the world.

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