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The Banco Central de la República Argentina has announced that it has launched a project to ease the regulations in the financial sector, which will comprise of a provision to allow the shopping centers to have crypto ATMs installed within their premises. The relaxed regulations have allowed a third-party, Odyssey Group based in the US that focuses on establishing ATM machines in North America, to extend its offer to Argentina. The company will install about 4,000 ATMs that support cryptocurrency transactions.

Odyssey plans to install over 5,000 ATMs in the country in the next two consecutive years. However, the central bank intends to support the development of more than 30,000 units across the country to allow for the adoption of innovative digital assets.

In the past, Odyssey ATMs were working only with the transactions of cryptos including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). But with the lifting of the regulatory restrictions, the firm is planning to use the new Octagon models to more channels that support the internal banking networks next to the point-of-sale.

The new ATMs will not only allow people to withdraw their cash, but they will also enable to transact other banking services including the prepaid card purchases, blockchain transfers, micro-scoring for credit, e-commerce applications, cryptocurrencies and much more.

Cryptocurrency Adoption In The Region

Crypto assets and blockchain technology have increasingly become a source of controversies across the world. For instance, in South America, some countries such as Venezuela are embracing and promoting the use of crypto assets and supporting crypto mining activities by relaxing the regulations, while other nations including Chile are banning the crypto trading operations and closing numerous bank accounts associated with the crypto market.

Recently, Argentina held a social event to bring together blockchain participants and promote the acceptance and the significances of cryptocurrencies within the Latin American community.

Though the commercial banks in Chile have been directed to close down all the accounts of the cryptocurrency firms, there is hope for the industry in Argentina as the government embraces the adoption of blockchain and virtual currencies.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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