Argentina will install bitcoin ATMs to face devaluation of its currency

It is estimated the installation of 1,500 ATMs for cryptocurrency as a measure to face the inflationary escalation that the country is currently experiencing

Before the inflationary crisis that Argentina is currently experiencing, representatives of Athena Bitcoin and Odyssey Group came together with government representatives to offer an alternative to the depreciation of the Argentine peso against the dollar. The initiative consists of increasing the number of Bitcoin ATMs between the end of 2018 and the beginning of 2019 to offer the population means of obtaining assets, making payments and transfers.

For the first months of 2019, they expect to activate 150, according to the spokespersons of Odyssey Group, and by the end of that year they will progressively complete the 1,500 bitcoin ATM. With this measure the two companies and the government are seeking an exit to the citizenship to stop the fall in the value of the Argentine peso, estimated at 50% compared to the dollar.

In the first phase of the process transactions will be made in bitcoin, but it is planned to extend the offer to users in Litecoin, Ethereum and Bitcoin Cash. Charlie Bilello, research director of investment advisory group Pension Partners, has indicated that during 2018, the bitcoin has outperformed the Argentine currency. Therefore, in spite of the adverse situation that the South American country is experiencing, the scenario is favorable for this cryptocurrency.

Dante Galeazzi, the operations manager of Athena Bitcoin in the country, explained that the cashiers of his company only allow the purchase and sale of digital coins. In this regard, ATMs from the Odyssey Group allow traditional banking transactions such as deposits and cash withdrawals as well as transfers between accounts.

Argentine citizens will have an alternative to the devaluation of the local currency, based on blockchain technology, although new announcements on economic and financial matters are still awaited.


Source: Infocoin

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