A new bitcoin (BTC) ATM is about to arrive on Paraguayan soil. The location still needs to be finalized and the deal closed with the store where the machine will be placed, but, apparently, its installation seems to be a done deal.
After going viral alleged start-up of an ATM of Bitcoin in that South American country over the weekend, CriptoNoticias contacted Travis M., who initially launched the publication and, coincidentally, is in charge of launching these devices.
He told us that, at the moment, he is setting up ATMs in Panama and Costa Rica, while waiting for proposals from interested stores in Asunción, Paraguay.
As he told us, his team is making the necessary contacts with the Xtra24/7 supermarket, where various products and services are offered. This place is located in the Paraguayan capital. He also said that he is trying to close business with Biggie Express, another supermarket in that country.
The businessman admitted that having chosen Paraguay to test with a Bitcoin ATM part of the fact that he is obtaining residence in that country, in addition to inferring that they are going to adopt BTC. This, in addition to the fact that “many (positive) things are happening with mining.”
It also has a presence in Central America
Travis represents the start up Counter Commerce, the company that owns some of the Bitcoin ATMs that are being installed, so far, in those three countries, but being Panama where they have more presence.
“Currently I have machines in the Novey stores in Panama, which is the third largest retailer in that country. And I just signed a contract with a big grocery store there,” he explained.
Travis also said that this Monday, January 17, a machine is being installed in the Multiplaza Escazu shopping center, located in San José, Costa Rica. For now, it will test how a single device from that company fares in that Central American country, “but I plan to add more if it is successful,” he said.
If confirmed, then there would be seven bitcoin ATMs already installed in Costa Rica, this following CoinATMRadar, which details that, in that country, there are six devices working, at least until the closing of this edition.
Regarding the ATMs, he explained that they are all produced by the company General Bytes, which is one of the largest ATM manufacturers, based in the Czech Republic.
The businessman promised to provide us with information when the deal with a Paraguayan company has been finalized, that agrees to have a Bitcoin ATM in their spaces, contributing to its maximum adoption. When it is, this article will be updated.
The first in Paraguay?
Travis, at the time of publishing the information, said that his ATM was going to be the first to settle in Paraguay. But that quickly cost him several answers, all clarifying that it would be rather the second, since there is already a history of a Bitcoin ATM in that country.
The tweeters specified that, in 2014, the Be Okay restaurant, located in the Villamorra neighborhood, in Paraguay; had given space to the first true Bitcoin ATM in the country. the local press this is confirmed.
At that time, Juan José Benítez Rickmann, owner of Be Okay, stated that he had received payments in bitcoin and that the cryptocurrency was already entering the country. That, as he said 8 years ago, would be “very positive” because it would allow “the creation of more businesses, products and services, taking advantage of the innumerable advantages it provides.”
But on Twitter they clarified that this restaurant closed, so it was opened, again, a niche market that seeks to exploit and encourage the adoption of BTC in that country.
Paraguay and its relationship with BTC
That Travis sets his sights on Paraguay to install one of his ATMs has to do with the situation of BTC in the Latin nation. As CriptoNoticias has reported, that country has made progress in regulating the ecosystem.
In fact, in December 2021, the Paraguayan Senate approved a bill presented by three senators, whose intention is to regulate all activity related to bitcoin, more precisely the production and marketing of these digital assets.
The law assumes that companies that trade cryptocurrencies have to be included in a registry of service providers. It is further recognized that these assets are free sale products “by those natural and legal persons who wish to market it under the terms of this law”.
beyond the law, Paraguay has been a suitable place for Bitcoin mining, thanks to the low electricity costs, which make this activity profitable. In practical terms, it is an activity that has a lot of potential “not yet discovered”.
The arrival of a Bitcoin ATM in a country is synonymous with adoption. For this reason, the fact that Paraguay is now the witness and headquarters of this new bet by a businessman, makes it clear that in Latin America there is a clear acceptance of this new economy, optimal to contribute to the growth of a country.