The Banco Central de la República Argentina has announced that it has launched a project to ease the regulations in the financial sector, which will comprise of a provision to allow the shopping centers to have crypto ATMs installed within their premises. The relaxed regulations have allowed a third-party, Odyssey Group based in the US that focuses on establishing ATM machines in North America, to extend its offer to Argentina. The company will install about 4,000 ATMs that support cryptocurrency transactions.
Odyssey plans to install over 5,000 ATMs in the country in the next two consecutive years. However, the central bank intends to support the development of more than 30,000 units across the country to allow for the adoption of innovative digital assets.
In the past, Odyssey ATMs were working only with the transactions of cryptos including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). But with the lifting of the regulatory restrictions, the firm is planning to use the new Octagon models to more channels that support the internal banking networks next to the point-of-sale.
The new ATMs will not only allow people to withdraw their cash, but they will also enable to transact other banking services including the prepaid card purchases, blockchain transfers, micro-scoring for credit, e-commerce applications, cryptocurrencies and much more.
Cryptocurrency Adoption In The Region
Crypto assets and blockchain technology have increasingly become a source of controversies across the world. For instance, in South America, some countries such as Venezuela are embracing and promoting the use of crypto assets and supporting crypto mining activities by relaxing the regulations, while other nations including Chile are banning the crypto trading operations and closing numerous bank accounts associated with the crypto market.
Recently, Argentina held a social event to bring together blockchain participants and promote the acceptance and the significances of cryptocurrencies within the Latin American community.
Though the commercial banks in Chile have been directed to close down all the accounts of the cryptocurrency firms, there is hope for the industry in Argentina as the government embraces the adoption of blockchain and virtual currencies.
