As per the latest report, El Salvador has become the third-largest country in the world with the highest number of ATMs for cryptocurrencies. The countries at number one and number two, with the highest number of ATMs for cryptocurrencies, are the United States and Canada.
The total number of crypto-ATMs of these three countries is 70% of the total crypto-ATMs in the entire South American region.
This information has been gathered by Coin ATM Radar, which shows all cryptocurrency ATMs being installed throughout the globe. With its recent adoption of cryptocurrencies and Bitcoin as a legal tender, El Salvador has started installing crypto-ATMs in different locations around the country.
The government of El Salvador recently confirmed that it had installed a total of 205 cryptocurrency ATMs throughout the country. These ATMs have been installed all over the country for the benefit of the locals. Through these ATMs, the locals will be able to deposit, purchase, withdraw, and even sell cryptocurrencies (Bitcoin). The ATMs would also allow the users to convert their Bitcoin to United States dollars.
Another cryptocurrency ATM data collecting firm, Statista has revealed that as of now, there are a total of 201 crypto-ATMs installed throughout El Salvador. This goes to confirm that El Salvador is indeed the third-largest country in terms of crypto-ATM installations and operations.
One of the most remarkable and surprising things about El Salvador’s lead is that the country has earned the third spot in a matter of a month. The country started installing cryptocurrency ATMs on a large scale when in July, Bitcoin was approved as a legal tender in the country.
This is when the process of the installation of crypto-ATMs was expedited in the country. Prior to the approval of Bitcoin legislation, El Salvador ranked as the 43rd country with the highest number of crypto-ATMs. Since then, El Salvador has continued climbing the ladder and it now ranks number three.
When sharing plans with the El Salvador public about the installation of ATMs, President Bukele stated that they would install 200 ATMs in the initial phase. He also added that they would start 50 branches for cryptocurrencies in the country for the citizens’ benefit.
In order to provide users with the utmost cryptocurrency convenience, the government of El Salvador even partnered with a cryptocurrency wallet provider. Following their partnership, a cryptocurrency wallet named “Chivo” was launched, allowing users to send, receive, and store Bitcoin.
The installations of ATMs for cryptocurrencies are currently at an all-time high. Countries from around the world are adopting cryptocurrency ATMs in order to facilitate their locals.
The countries have realized that it is one of the best opportunities for them to regulate cryptocurrencies because only the citizens adhering to KYC guidelines are able to use these ATMs.