First Bitcoin ATM Appears in Honduras

TGU Consulting Group, a Honduran company based in the capital, Tegucigalpa, is said to have installed the country's first Bitcoin ATM.

According to a report Friday by Reuters, TGU chief executive Juan Mayen led the move to install a Bitcoin (BTC) ATM in one of the capital's office buildings. The “la bitcoinera” machine allows crypto enthusiasts to buy BTC and Ether (ETH) with the local fiat currency, lempira, as long as they are willing to scan their IDs and reveal certain personal information. .

Mayen said it was the first automated way to buy Bitcoin in Honduras, but many software developers are already accepting cryptocurrency payments. According to the TGU executive, many Hondurans have had to directly exchange cash for cryptocurrency, an action he describes as “very inconvenient and dangerous” in the country – data from the community-sourced platform Numbeo found the crime level in Honduras to be "very high."

Lawmakers in several Central American countries have been taking more pro-crypto positions as the market continues to grow. El Salvador is currently installing Bitcoin ATMs across the country in preparation for the cryptocurrency to be accepted as legal tender starting September 7. At least one member of the Panamanian Congress also proposed legislation for the country to adopt Bitcoin and other cryptocurrencies.