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El Salvador has third largest number of Bitcoin ATMs

written by Bella Palmer
bitcoin-atms

Previously, the country was ranked 43rd, with just four Bitcoin ATM machines

El Salvador has continuously made its presence felt on the global news since it announced that it has passed its Bitcoin Law.

Now, it has made another headline by becoming the third country in the world with the largest number of Bitcoin ATM installations. Only the US and Canada have more Bitcoin installations.

The Central American country has indeed prepared for the rollout of its ambitious and highly controversial crypto law as it accounts for 70% of the crypto machines in South America.

El Salvador has even exceeded the number of Bitcoin ATM machines installed in the UK, according to a data released by Coin ATM Radar.

Previously, the country was ranked 43rd, with just four Bitcoin ATM machines, but it has catapulted itself into rankings since it started preparing for its Bitcoin Law.

As an initial preparation to facilitate Bitcoin payments in the country, President Nayib Bukele said that the government would first deploy a network of 200 ATMs and 50 branches that can support BTC transactions.

It has also created a digital wallet - Chivo - to make citizens’ Bitcoin transactions as smooth as possible.

There has been a surge of Bitcoin ATM installations all over the world ever since Bitcoin became a popular and valuable asset.

There are nearly 27,664 machines in active operation across the world, and a further 2,790 BTC ATM machines will be put into service this month.

These crypto ATM machines are dominated by Genesis, which is currently the top crypto ATM manufacturer with a market share of 40.7%. Other manufacturers such as General Bytes and BitAccess have a 22.7% and 12.7% share respectively.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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