Panama aims to be among Latin countries with the most bitcoin ATMs – CVBJ

Panama could become one of the Latin American countries with the most bitcoin ATMs, since during the first quarter of 2022, around fifty new equipment would be installed on its territory. With the deployment of these devices, the country would overtake Colombia, which currently has more than 30 cryptocurrency vending machines.

The Santo Blockchain company, based in Vietnam and operating in Panama through its subsidiary Santo Pay, announced in a statement that by 2022 it will install around 300 ATMs in Latin America; 50 of which will be distributed on Panamanian territory. Colombia and Costa Rica will be the next countries to benefit from the distribution of these teams.

Until now, El Salvador is the country in the region with the most widespread network of ATMs operating with cryptocurrencies, with 205 machines available in its territory. Colombia follows with 38, while Puerto Rico is the third country on the continent with the most installed ATMs, according to data from Coin ATM Radar. However, that outlook could change over the next year or so if Santo Blockchain’s plan is realized.

With the installation of 300 new bitcoin vending machines, Latin America will have the opportunity to close the gap since only 0.2% of the world’s equipment is located in the region. Source: Coin operated ATM radar.

The ATMs the company will deploy in Latin America will sync with Santo Crypto, a bitcoin wallet currently in development, the statement said.

The company also reported that Bitcoin ATMs will be shipped from Shenzhen, China, around the third week of February 2022. It is curious that the company was inclined to send the equipment to Asia, ruling out the possibility of acquiring it in the factory which is already operating in El Salvador, from which they indicated to CriptoNoticias the possibility of responding to demand. throughout Latin America and even the United States.

In any case, it’s not surprising that the firm is focusing on Panama and seeing it as its gateway to the Latin American market, as this territory is increasingly favorable to cryptocurrencies. In September, a bill has been introduced for the regulation of bitcoin and other cryptocurrencies. However, the country has signaled its efforts to get off the Financial Action Task Force (FATF) gray list, which raises doubts over cryptocurrency regulation.