ForexMinute.com – Days after its government issued an advisory against cryptocurrencies, Mexico is all set to go against the notion by launching two new Bitcoin ATMs on Monday. They will also be the world’s very first ATMs to support Litecoin and Dogecoin as well.
Also, the first ever Bitcoin ATMs in Mexico, these units will be placed at BIT Center, Tijuana. One of the ATMs will accept Mexican Pesos, while the other will accept only the US Dollars. Both the units will be operated by renowned startup Bitcoin42.
The startup is also making sure to do some philanthropy work by donating 10% of its collected profits to non-profit organizations. The step is probably in regard to mellow-up the government’s potential actions against the installation of these ATMs. Earlier, Bank of Mexico has warned people against the investment risks surrounded with Bitcoins.
“They do not have a relative penetration rate,” the bank said in a statement. “Public should be aware that these digital currencies are not legal. Their function as a means of payment is not guaranteed and businesses and other people are not obligated to accept them.”
However, the startups says, “We especially advocate for the use of crypto-currencies by non-profit organizations, so they can lower their administration costs. Through the use of crypto-currencies, non-profit organizations can get funds in a faster and more efficient way with the highest level of transparency. Through this, anybody can become a (truly) independent auditor, since one can provide information to verify balances and transactions and also allow the public to see how much in donations has been received and where it went.”
There is no information yet available on the transaction fees or ATM machine designs till now.
We will keep updating you with more information on this launch.
To contact the reporter of the story: Yashu Gola at email@example.com