Criptoasesores, a group of consultants in Ecuador presented the two ATMs, which cost 22,000 USD, during a launch event on February 8, 2018 and explained how to use them to exchange dollars for BTC, Dash, and puras – the world’s first socially and environmentally conscious crypto currency, with a market capitalization of over $78 million.
Dany Ledesma (member of Criptoasesores), told Antigua Report that the ATMs are not available to the general public yet for legal reasons, and that they are using it as an educational tool. “We continue to work to improve the ATM’s technology and find a profitable business model,” said Ledesma.
No prior contact with digital currencies is needed, not even owning an e-wallet. The ATM prints out the information of a new wallet where the acquired currency has been transferred to. However, to sell them, user should already have a device with a wallet and make a usual transaction to the address provided by the ATM. After verification, the ATM hands out the money and a receipt.
Few days after the presentation, the Ecuadorian Central Bank charged back and declared that ATMs are illegal, citing a lack of permits to operate and government is considering legal actions despite the loopholes. What do you think, will authorities succeed?