Update 05/24/2022: This article was modified after its publication to clarify that it is not the first bitcoin ATM installed in Ecuador.
Bitcoin adoption in Ecuador is on the rise, despite the fact that the government discourages investments in cryptocurrencies. This is thanks to the fact that the company General Bytes installed a new bitcoin (BTC) and cryptocurrency cashier (ATM) in the city of Cuenca, in the south of the country.
The machine began to operate from last Saturday May 21 for visitors and residents of the area, characterized by its tourist attraction. It was installed specifically in a commercial space called “La Cigale”, which has several restaurants and various entertainment venues.
The cashier at General Bytes It thus becomes a new option for bitcoiners in the South American country. There are other ATMs from this same provider in Latin America, located in Colombia, in the cities of Bogotá and Pereira.
The new bitcoin cashier also allows the exchange of other cryptocurrencies such as litecoin (LTC), dogecoin (DOGE) and Dash. In this case, it is a model that not only facilitates the purchase operations, but also the sale of cryptocurrencies.
When the information was released, Twitter users supported the good news, but some skeptical opinions were also given about the usefulness that this new ATM can have, considering that the Ecuadorian government has been a strong opponent of the development of the bitcoin ecosystem.
The timid advances of the adoption of Bitcoin in Ecuador
Despite the government’s refusal, there are more and more actors from the public and private sectors who demand a clear guideline from the government for this sector. Many even call for the implementation of blockchains in different areas of public administration.
It has been the community that has advanced projects linked to cryptocurrencies. In June 2021, businessman Mauricio Rubio launched a community organizing and education project with Bitcoin.
Families from Píntag Amaru, which Rubio describes as “a peasant, agroecological community,” decided to follow the example of Bitcoin Beach from El Salvador, one of the first projects launched in Latin America to use Bitcoin as a payment method.
This context of increased adoption in Ecuadorian communities led to Guillermo Avellán, manager of the Bank of Ecuador, earlier this year affirming the entity’s intention to regulate bitcoin and other cryptocurrencies in 2022, according to reports. reported in CriptoNoticias.
In February 2018, this newspaper reported the installation of the first bitcoin ATM for operations with multiple cryptocurrencies.
One striking fact is that the Coin ATM Radar website only records the ATM installed by General Bytes. From the foregoing, it could be interpreted that the other ATMs enabled in that year would no longer be operational.