In some of the countries, cryptocurrencies are banned and not considered as legal tender. This includes India as well. When that is the case Argentina is introducing around 50 ATM machines to buy and sell cryptocurrencies. People will be able to start using cryptocurrencies extensively with the help of these new ATM machines. The concept of ATM machines for cryptocurrency transactions is not a new concept. It is already in practice in some countries. More countries starting to adopt this concept is a good news for us. The first bitcoin ATM was launched last month by a US-based crypto company called Athena Bitcoin. This was implemented in a shopping mall. The same company is already having 12 ATMs in Colombia. It is expected to see more opportunity in Argentina as the inflation is expected to cross over 40 percent before the end of this year.
What is happening with fiat currencies?
Though it is a good news for us, we might have noticed that fiat currencies are not performing well in many countries. One main reason for Argentina to introduce this feature can also be because the local currency is not performing well. The same is happening in India as well. For the past few months, the value of Indian currency Rupee is not doing good. The value is reaching record low every day. Today market had a huge fall losing more than 500 points in a single day. The analysists are still finding it difficult to justify the reason for this fall. One part of the financial experts explain that the impact on fiat value is because of a global fall. It is not just India that is getting affected because of this but globally there are many countries facing the impact of the global economic downfall. Another group of financial experts say that the quantity of goods India has been importing is increasing every year compared to that of the goods that we export. It is justified as one of the reason for rupee value to fall.
The government is also refusing to answer this question. Most of the financial advisors are just making assumptions and are providing explanations of what is happening currently. Some of the countries have lost more than 50 percent of their local currency value to USD. This is really not a good sign. Because of this reason, the value of goods that a country is importing will also become costly. In India, we have been seeing this already in the fuel price. It is drastically increasing and reaching record high every week. When fuel price increases the cost of all other basic amenities that we transport from one place to another will also increase based on the increase of fuel price. The government will not be able to provide a proper explanation to the common people without understanding this in detail.
How this news impacts a cryptocurrency investor or trader?
You might wonder why I’m talking more about the Indian economy in detail when I have this article topic to share information about ATM machines for cryptocurrencies in Argentina. There is definitely a connection. The fiat value drop that we are currently facing in India is also being experienced by other countries as well. As an alternative solution people have started to transact using cryptocurrencies. Though it can take several months or even years to be implemented in India, I would say this is definitely a good move. New ATM machines in Argentina can bring lots of opportunities for the people of Argentina and especially for cryptocurrency traders, miners and investors. There will also be new blockchain and crypto projects emerging gradually which can increase popularity about crypto to common people and maybe after several years cryptocurrencies can even replace fiat.
Athena Bitcoin company is not the only company looking forward to implementing cryptocurrency based financial solutions in the country but there are also other companies like Odyssey Group that will soon be planning to have bank transactions which will include deposit and withdrawal of cash between the accounts along with online transfers. It is expected that this idea will also be transferred to various other countries where there is a problem with fiat currency. For Athena Bitcoin company and Odyssey Group, there are also other countries in the pipeline. It will be wonderful if it soon reaches India. If at all this gets a good shape, we will be able to see an exponential growth in the crypto economy that can make investors, miners and traders happy.
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