Ecuador’s First Bitcoin ATM Installed in Cuenca

Key Takeaways

  • The first Bitcoin ATM has been installed in Cuenca, Ecuador. 
  • The ATM has a fingerprint scanner for regulation changes in the future but no KYC.
  • Twitter sees a mixed reaction from people. While the majority are happy and call it the potential growth of Bitcoin adoption worldwide, some are skeptical.

The first Bitcoin ATM is now installed in Ecuador, in the city of Cuenca. As soon as the news broke Twitter was flooded with people’s comments. Tajo Crypto, a user on Twitter showed excitement about the first Bitcoin ATM in Cuenca and called it a ”Welcomed development”.

The picture of the ATM that is being circulated excited people more as it shows a fingerprint scanner option. The ATM has a fingerprint scanner feature in case the requirements change. 

Majority of the Twitter seems to be flooded with people who are excited about the new development and they see the potential growth of Bitcoin adoption worldwide. On the other side, some users called it ” as useless as the El Salvador ones”. 

Some also seem to be a little skeptical about how useful this Bitcoin ATM will be as today almost everyone has at least one cash app on their phones for payment purposes.

Are Bitcoin and Bitcoin ATMs legal in Ecuador?

If you are wondering if Ecuador has legalized Bitcoin then at present the Central Bank of Ecuador does not approve of utilizing Bitcoin and other cryptos as an authorized payment method. But however, the sale and purchase of existing cryptocurrencies are still legal in this country. 

Also Read: How to use Bitcoin ATMs?

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Baisakhi Mishra

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