The Central Bank of the Argentine Republic (BCRA) has decreased the regulations regarding Bitcoin ATMs. The consequence of this decision might have been to install 4000 new cryptocurrencies ATMs in the country.

 

RULES, RULES, RULES

The new rules don’t upset the transactions with Bitcoin or other cryptocurrencies. Quite the opposite, the new regulations permit the installation of ATMs in supermarkets, shopping centers, and cinemas.

With the new regulations, the market accepts independent players. Only Banelco and international Link networks had licenses to activate on the market. And all of the ATMs belonging to these two networks have been on banking premises.

The independent and third-party tellers have permission from the Central Bank to integrate them in the existing payment system.

SO… CRYPTOCURRENCY HOW?

As a result of these regulations, Odyssey Group took the biggest advantage. CEO Sebastian Ponceliz declared:

We have pre-agreements to install 4,000 ATMs… but that is only a small part of the Central Bank’s expected 30,000 new machines throughout the country.

Last year Odyssey Group installed more than 200 ATMs in Argentina. In the right time, those machines are not able to access the banking network. They were conceived only for exchanging Bitcoin, Ethereum and Litecoin.

With these new regulations, these machines enlarge a new vision between fiat and crypto.

Bitcoin ATMs are on the way

A machine will cost $8000 plus an installation fee of between $1000 and $1500. And the owner will have to keep it stocked with money. Odyssey describes their ATMs as “really just a vending machine that dispenses cash instead of snacks or soda.”

All the users of ATMs receive payment for every transaction and Odyssey suggests that the money should be gave back within five or six months. There are approximately 10,000 transactions per month on the ATMs. In conclusion, a well-placed machine could receive a decent footstep and do very well.

But before you rush down to your local installer, there is a mobile app to see where you can find the nearest machines for trading. You can even see whether there is any money inside – which might be perfectly reasonable in Argentina.