El Salvador now has the third largest encrypted ATM network after the United States and Canada, accounting for 70% of all encrypted ATMs in South America.
according to data Data from Coin ATM Radar shows that El Salvador has so far deployed 205 encrypted ATMs to facilitate local bitcoin transactions and BTC to U.S. dollar exchanges, the number of which has surpassed the number of encrypted ATMs in the UK.
Compare this to Statista data Starting on August 16, El Salvador has successfully installed 201 ATMs in just one month. Previously, the country had only 4 powerful encrypted ATM machines, ranking 43rd on the list.
President Naib Bukler has previously stated that the adoption of Bitcoin will initially get a A network of 200 ATM machines and 50 branchesThe government of El Salvador has partnered with an internal cryptocurrency wallet provider called Chivo to provide support for the use of BTC wallets and ATMs in the country.
Global encrypted ATM installations hit a record high, with 27,664 active machines and 2,790 new machines in September.The increase in ATM installation drives in El Salvador is consistent with the recent presidential decree, namely Require all businesses to accept Bitcoin paymentsHowever, the merchant reserves the option to convert Bitcoin payments into U.S. dollars before withdrawing the income.
Although other jurisdictions have not yet decided to use Bitcoin as a mainstream asset, the global average continues to install 63.7 ATMs per day. Genesis coin is still the leading encrypted ATM manufacturer with a market share of 40.7%, while General Bytes and BitAccess account for 22.7% and 12.7% of the market, respectively.
Bitcoin adoption in El Salvador has seen some Resistance of the locals, Which recently led to the burning of a Bitcoin machine supporting Chivo.Those protesting the adoption of Bitcoin emphasized their concerns about uncertainty, price volatility and Lack of exposure to the crypto market.
The Chivo kiosk is the government’s first attempt to create an infrastructure for BTC and U.S. dollar exchanges. Currently, El Salvador uses both Bitcoin and the U.S. dollar as legal tender.