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Mexico Set to Receive Its First Bitcoin ATMs

By: PanAm Post Staff - Mar 17, 2014, 10:25 am

Mexico is set to receive its first pair of bitcoin ATMs this week — the first of their kind in Mexico, and the first Litecoin and Dogecoin ATMs in the world. The startup Bitcoin42 will operate the machines, but they have yet to unveil them to the public.

Both machines will be located at the BIT Center (Business, Innovation, Technology) in Tijuana, just south of the border below San Diego, California. One of them will accept pesos, the other, US dollars. The two-way machines will distribute and collect whole and partial coins.

These ATMs also have an element of economic empowerment: a Bitcoin42 representative says that the startup is working on lower fees to help low-income groups, recognizing that high transaction fees are not favorable for those seeking to make payments in small amounts. They also hope to encourage nonprofit business by letting users direct 10 percent of all profits generated to a local organization of their choosing.

“We especially advocate for the use of crypto-currencies by non-profit organizations, so they can lower their administration costs … 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.”

Source: newsBTC.