Crypto ATMs Opened in Ecuador Despite Country Ban

A brave group of cryptocurrency investors, Criptoasesores, have just pledged an all-out war on the Ecuadorian government by opening the country’s first crypto ATMs in the country’s capital. The country’s central government has had a firm negative stance on cryptocurrency and has tried strongly to ban it over the last four years. Earlier this year, the country’s central bank sent out a strong statement to its residents. The statement read:

To the citizenship: The Central Bank of Ecuador informs the public that bitcoin is not a means of payment authorized for its use in the country. Bitcoin is a cryptocurrency that has no backup because it supports its value in speculation. The financial transactions carried out through bitcoin are not controlled, supervised or regulated by any entity in Ecuador, which is why its use represents a financial risk for those who use it. It is important to point out that the purchase and sale of cryptocurrencies -like bitcoin- through the Internet is not prohibited; However, it is emphasized that bitcoin is not a legal currency and is not authorized as a means of payment of goods and services in Ecuador, as established in Article 94 of the Monetary and Financial Organic Code.

The ATMs installed by the Criptoasesores group enable individuals to exchange fiat for Bitcoin, DASH, and Pura. The group didn’t feel it was necessary to ask permission to do such things because they aren’t offering any financial services. Dany Ledesma, a criptoasesores‘ employee, spoke to the Antigua Report and said, “We continue to work to improve the ATMs technology and find a profitable business model.”

>>Are Criminals Keeping Bitcoin Prices Afloat? Will Regulations Squander That?

Obviously, these two ATMs launching have further exposed the Ecuadorian government’s idea of Bitcoin as a threat. Many governments in the past have attempted to crack down on cryptocurrency as it gained mainstream attention but most, have failed. You can add Ecuador to that list, as I anticipate more ATMs to be installed in the near future.

Featured Image: Union

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