RIO DE JANEIRO, BRAZIL – A new bitcoin (BTC) ATM is about to land in Paraguay. The location is yet to be determined well as the store where it will be installed, but its installation seems to be a fact.
After the alleged launching of a Bitcoin ATM in Paraguay over the weekend, Travis M., who first released the publication and is in charge of setting up these devices, said that, for the time being, ATMs are being set up in Panama and Costa Rica, while he is waiting for proposals from interested stores in Asuncion, Paraguay.
According to him, his team is currently in contact with the Xtra24/7 supermarket, where several products and services are offered. This store is located in the Paraguayan capital. He also said that he is trying to close a deal with Biggie Express, another supermarket in the country.
The entrepreneur said that he has chosen Paraguay to test a Bitcoin ATM because he is in the process of applying for residency in the country, as well as implying that the BTC will be introduced. In addition to the fact that “there are many positive things happening with mining.”
PRESENCE IN CENTRAL AMERICA
Travis represents startup Counter Commerce, the company that owns some of the Bitcoin ATMs being installed in those three countries, with Panama having the largest presence so far.
“I currently have machines in Novey stores in Panama, the third largest retailer in the country. And I just signed a contract with a large grocery store there,” he explained.
Travis also said that on Monday, January 17, a machine was installed in the Multiplaza Escazu shopping mall, in San José, Costa Rica. For the moment, he will test how a single machine from the company will perform in Costa Rica, “but I plan to add more if it is successful,” he said.
There would be 7 bitcoin ATMs installed in Costa Rica, with 6 devices working so far.
He explained that all ATMs are produced by General Bytes, one of the largest ATM manufacturers, based in the Czech Republic.
FIRST IN PARAGUAY?
Travis said that his ATM would be the first to be installed in Paraguay. But this quickly prompted several responses, clarifying that it would be the second one, as a Bitcoin ATM had already been installed in Paraguay.
Tweeters specified that, in 2014, the Be Okay restaurant, located in the Villamorra neighborhood, in Paraguay; had provided room for the real first Bitcoin ATM in the country. The local press confirms this.
At the time, Juan José Benítez Rickmann, owner of Be Okay, claimed that he had received payments in bitcoin and that the cryptocurrency was was being incorporated in the country. According to what he said 8 years ago, that would be “very positive” because it would allow “the creation of more businesses, products and services, leveraging the countless advantages it offers.”
But on Twitter it was clarified that this restaurant closed, opening, once again, a market niche that seeks to exploit and encourage the adoption of BTC in the country.
PARAGUAY AND ITS RELATIONSHIP WITH BTC
Travis looking to Paraguay to install one of his ATMs is related to the BTC situation in the Latin nation. The country has made progress in regulating the ecosystem.
In December 2021, the Paraguayan Senate passed a bill presented by 3 senators, intended to regulate all activity related to bitcoin, more precisely the production and trading of these digital assets.
The law establishes that companies trading cryptocurrencies must be included in a registry of service providers. It also recognizes these assets as free sale products “by individuals and legal entities that wish to trade them under the terms of the law.”
Apart from the law, Paraguay has been a suitable place for Bitcoin mining, due to its low electricity costs, which make this activity profitable. In practical terms, it is an activity with much “undiscovered” potential.
The introduction of a Bitcoin ATM in a country is synonymous with adoption. Therefore, the fact that Paraguay is now a witness and host of this new venture by an entrepreneur shows that there is a clear acceptance of this new economy in Latin America, an ideal means to contribute to the growth of a country.
Deep Dive
For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America
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