El Salvador hosts 70% of all South American crypto ATMs. It is now the third-largest network for crypto ATMs, after Canada and the United States.
Coin ATM Radar data shows that El Salvador surpasses the United Kingdom’s crypto ATM counts after it has deployed 205 crypto ATMs in order to facilitate local Bitcoin transactions as well as BTC to U.S. dollars conversions.
This data is compared to Statista data dated August 16 and it is clear that El Salvador installed 201 ATMs within a month. The country was previously ranked 43rd with only four functional crypto ATMs.
President Nayib Bukele previously stated that Bitcoin adoption would initially be supported by a network consisting of 200 ATMs, 50 branches and 50 branch. To power the BTC wallets in Salvadore, the government has partnered up with Chivo, a cryptocurrency wallet provider.
With 27,664 machines currently in use, and 2,790 machines added in September, crypto ATM installations are at an all time high. This is in line with the recent Presidential Order that all businesses must accept Bitcoin payments. The merchants have the option to convert Bitcoin payments into USD before withdrawing their earnings.
Although other jurisdictions have yet to make a decision on Bitcoin’s use as a mainstream asset and its use case, 63.7 ATMs are still being installed worldwide every day. General Bytes and BitAccess account 22.7% and 12.7% respectively of the market. Genesis coin is still the most popular crypto ATM manufacturer.
Related: Protesters set fire to a Bitcoin ATM in protest against El Salvador’s president
Local resistance to El Salvador’s Bitcoin adoption led to the recent burning of a Chivo supported Bitcoin machine. Protesters against Bitcoin adoption raised concerns about price fluctuations, uncertainty and lack of exposure to crypto markets.
Chivo kiosk represents the first attempt by the government to establish an infrastructure for BTC/USD conversions. El Salvador currently uses Bitcoin and the U.S. Dollar as its legal tender.