The business Santo Pay will install a total of 50 Bitcoin ATMs in Panama. With this number, the country will be positioned as one of Latin America’s leaders in cryptocurrency vending machines.
Santo blockchain is in charge of installing the Bitcoin ATMs in Panama. In addition, the Vietnamese business, which operates in Panama with its subsidiary, Santo Pay, foresees bringing up to 300 of this type of ATMs into operation in Latin America. The investment is valued at one million dollars. The other two countries that will receive the most Bitcoin ATMs will be Costa Rica and Colombia. The Bitcoin ATMs of Santo Pay will be synchronized with the Santo Crypto digital wallet, of the same company. Further, Santo will present a debit card in the third quarter of 2022.
For Santo Pay’s CEO, Frank Yglesias, “Santo is on a mission to help bring a new wave of cryptobank investment and commerce to more than 400,000,000 people in Latin America who don’t do banking or who can’t do banking, including between 10% and 15% of Hispanics in the United States who can’t even get bank accounts.”
New Bitcoin ATMs arrive in Latin America
According to reports from Coin ATM Radar, El Salvador is the Latin American country with the most Bitcoin ATMs. Currently, 205 machines are available there. This is explained because that Nation was the first in the world to recognize Bitcoin as their official currency. Next comes Colombia in second place, with 38 ATMs, ahead of Puerto Rico, with 29. Nonetheless, this ranking could change by the end of 2022 and the 300 foreseen ATMs go into operation in the region.
Panama’s Bitcoin ATMs will be brought from Shenzhen, China. Nevertheless, Santo blockchain already counts on a cryptocurrency ATM factory in El Salvador. These days, Latin America is one of the regions with a lower penetration of Bitcoin ATMs. Barely 0.2% of the cryptocurrency ATMs existing around the world are on this continent.
Panama has maintained a friendly policy toward cryptocurrencies. Recently, a draft bill was presented seeking to accept Bitcoin as an alternative payment method. Nevertheless, there could be a delay in the bill being accepted. The Financial Action Task Force (FATF) has threatened to put Panama on the blacklist if it doesn’t comply with determined requirements. Various experts feel that the adoption of the cryptocurrencies in Panama won’t be well-viewed by the FATF.
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