El Salvador is currently home to the third largest cryptobank network after the US and Canada, accounting for 70% of all cryptobanks in South America.
According to Coin ATM Radar, El Salvador has surpassed the number of cryptobanks in the UK after having so far rolled out 205 cryptobanks to facilitate local bitcoin (BTC) transactions and transfers from bitcoin (BTC) to US dollars.
Comparing this to Statista’s data from August 16, it turns out that El Salvador managed to install 201 ATMs in just one month. Prior to that, it was ranked 43rd on the list of just four cryptocurrency ATMs.
President Neb Boeckel previously stated that Bitcoin adoption will initially be supported by a network of 200 ATMs and 50 branches. El Salvador’s government has partnered with a domestic cryptocurrency wallet provider called Chivo to manage BTC wallets and use ATM machines in the country.
Crypto ATM installations are top notch worldwide, with 27,664 active and 2,790 new ATMs added in September. The increase in the number of ATM docking stations in El Salvador is in line with a recent presidential decree that requires all businesses to accept Bitcoin payments. However, sellers reserve the right to convert Bitcoin payments to USD before withdrawing winnings.
While other jurisdictions have yet to decide whether to use bitcoin as their primary asset, 63.7 ATM machines continue to be installed around the world every day. Genesis is still the leading manufacturer of crypto ATMs with 40.7% market share, while General Bytes and BitAccess hold 22.7% and 12.7% of the market, respectively.
RELATED: Protesters Burn Bitcoin ATMs as Part of Demonstration Against El Salvador’s President
The adoption of bitcoin in El Salvador has generated some resistance from locals, which recently led to the burning of a Chivo-backed bitcoin machine. Protesters for the adoption of bitcoins have expressed concerns about uncertainty, price volatility and lack of access to the cryptocurrency market.
Kiosk Chivo is the government’s first attempt to create an infrastructure for Bitcoin and USD transfers. El Salvador currently uses both bitcoin and US dollars as legal tender.