To tackle fluctuating currency, Argentina to have cryptocurrency ATMs

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To tackle fluctuating currency, Argentina to have cryptocurrency ATMs

Several countries are finding themselves in the doldrums economically with their respective currencies' values sliding. As such, trying to redirect the countries' economies from being cash-driven to cryptocurrency seems to be the way to go forward.

And, Argentina is trying to make this into a reality. The Argentinian economy, too, is struggling and the country is planning to launch Automated Teller Machines (ATMs) for cryptocurrency by December 2018. The country has had its first such ATM for cryptocurrency launched by an American firm Athena Bitcoin in the country capital, Buenos Aires according to a report published in Reuters.

Speaking about this trend which is expected to catch on strongly, the company's operations manager in the country, Dante Galeazzi, shared, "Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market."

He also added, "With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to the peso’s value, as well as an opportunity to invest in the market." Currently, in South America, Athena has about a dozen such cryptocurrency-based ATMs in Colombia. As of Thursday, Bitcoin was trading at a value of about 6,537 against the American dollar.