Cryptobuyer to Install Costa Rica's First Bitcoin ATM

Cryptobuyer has announced plans to install a bitcoin ATM in Costa Rica. The company claims its terminal will be the first bitcoin ATM operating in Costa Rica.

Also Read: Cryptobuyer Installs First Bitcoin ATMs in Latin American Commercial Bank

Cryptobuyer Will Open a One-Way Bitcoin ATM at a yet to Be Determined Location in Costa Rica

Cryptobuyer has announced plans to install a Bitcoin ATM in Costa Rica at the end of September. Cryptobuyer has described the terminal as being the first to be installed in Costa Rica, and are still selecting the location for the ATM. The ATM will be one way, meaning that users will be able to exchange fiat currency for bitcoins.

Cryptobuyer is a Venezuelan bitcoin brokerage company that seeks to open up access to bitcoin and cryptocurrency technology in latin America. The company received funding from venture capital fund Denar Capital, and claims to have close ties with the Bitcoin Foundation of Venezuela. Earlier this year, Cryptobuyer opened two bitcoin ATMs at the headquarters of the Banismo Bank in Panama City, and expressed its intentions to expand into the Costa Rican, Chilean, and Brazilian markets.

Many Online Gambling Companies That Accept Bitcoin Are Based in Costa Rica

Costa Rica’s cryptocurrency community is relatively underdeveloped. The government has not articulated a clear regulatory stance regarding cryptocurrency, and data pertaining to BTC/CRC localbitcoin trade is unavailable. Despite such, many online gambling companies that accept bitcoin are based in Costa Rica, owing to the nation’s attractive taxation and legislation – including Breakout Gaming Group, Bitdice, and a soon to be launched subsidiary of Betking.

Cryptobuyer is not the first company to claim the title of “first bitcoin ATM” in Costa Rica. In 2014, Bitcoinmagazine reported that a Costa Rican company, MBTC Corporation, had announced that it would launch the country’s first bitcoin ATM. Despite the story, there is a lack of evidence confirming the installation. The website of MBTC’s alleged parent company, Mundo Bitcoin, states that it is under construction and features 2014-2015 copyrighting – suggesting that the company was not successful in its aims.

Do you think that Cryptobuyer’s entry into Costa Rico will stimulate greater bitcoin adoption throughout the nation? Share our thoughts in the comments section below!

Images courtesy of Shutterstock and Cryptobuyer

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