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Australia overtakes El Salvador to become the fourth largest crypto ATM hub

Published on

January 1, 2023
Read Time:1 Minute, 39 Second

El Salvador, the primary nation to legalize Bitcoin (BTC), has been knocked down one other spot in whole crypto ATM installations as Australia information 216 ATMs in 2023.

As a part of El Salvador's efforts to make bitcoin authorized tender, President Nayib Bukele had determined to put in over 200 crypto ATMs throughout the nation. Whereas that transfer made El Salvador the third largest hub for crypto ATMs after the US and Canada in September 2021, Spain and Australia overtook the Central American nation's variety of ATMs in 2022.

In October 2022, Cointelegraph reported that Spain turned the third largest crypto ATM hub after putting in 215 crypto ATMs. Nevertheless, Spain continued its set up offensive and, on the time of writing, is house to 226 crypto ATMs. El Salvador's place because the fourth largest crypto ATM hub was short-lived as Australia stepped up its recreation within the months that adopted.

Within the final three months of 2022, Australia deployed 99 crypto ATMs, confirmed Data by CoinATMRadar. As of January 1st, 2023, Australia recorded 219 lively crypto ATMs, overshadowing El Salvador by 7 ATMs on the time of writing.

Australia represents 0.6% of worldwide crypto ATM deployments and at this fee is nicely positioned to tackle Asia's crypto ATM numbers, which stand at 312 ATMs. The whole variety of crypto ATMs worldwide is 38,602, of which 6,071 ATMs have been put in in 2022 alone.

Associated: Florida is the best-prepared US state for widespread crypto adoption: analysis

Nigeria's drive to push by means of the launch of an inner central financial institution digital foreign money (CBDC) - eNaira - compelled the federal government to restrict money withdrawals from ATMs to $225 (100,000 nairas) per week.

"Prospects must be inspired to make use of different channels (web banking, cell banking apps, USSD, playing cards/POS, eNaira, and many others.) to conduct their banking transactions," mentioned Haruna Mustafa, the director of banking supervision, on the announcement the initiative.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 1, 2023
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