Australia Ranks Fourth Largest Crypto ATM Hub after Outperforming El Salvador
Last year, the Australian crypto empire expanded its crypto ATM installation, outshining other key players such as El Salvador. Currently, Australia ranks fourth in the prestigious list of global crypto installations after surpassing El Salvador, the first country to accept Bitcoin as one of the country’s legal tender.
Crypto ATM Installation Increases
The quest to push the Bitcoin adoption bar higher influenced Nayib Bukele, president of El Salvador, to increase the number of crypto ATM Hubs. Under the Bukele regime, El Salvador is recognized as a “Bitcoin city” with more than 200 crypto ATM Hubs within the region.
Following the US and Canada’s footsteps, El Salvador was ranked the third largest crypto ATM Hub in 2021.
Despite El Salvador’s efforts, 2022 failed to give the desired impression. Spain stepped up its game, establishing 226 crypto hubs and eyeing to become a crypto mining zone with the highest crypto adoption. Reportedly, Spain overtook El Salvador’s to rank third in countries with highest crypto ATM units.
Australia also picked up the pace of installing 99 units since October last year. As per data captured on CoinATMRadar, Australia has installed 219 crypto ATMs overtaking El Salvador.
Globally, Australia accounts for 0.6% of installations close to matching Asia crypto ATM units at 312. Across the globe, crypto adoption is jumping to 38,602 crypto ATMs, with 6,071 installations done last year.
High Crypto Adoption
The shift in digital assets has propelled most central banks to develop crypto-friendly regulations. Among them is the Central Bank of Nigeria, pushing to launch the eNaira, a digital fiat currency. The Nigerian regulators firmly urged the imposition of a minimum threshold for cash withdrawal to around $250 per week.
Haruna Mustafa, who heads the banking supervision in Nigeria, believes that alternative financial transactions such as eNaira, USSD, and online banking expedite the financial system’s effectiveness. Reportedly, Mustafa encourages customers to embrace conventional financial transactions.
The government of Turkey is also testing its central bank digital currency (CBDC), and more technical tests are expected within the first quarter of this year.
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