El Salvador’s reign as the fourth-largest hub for crypto ATMs was short-lived, with Australia improving in the following months.
The rise of crypto ATMs
El Salvador is the first country to legalize Bitcoin. By the time 2023 rolls around, Australia will be reporting 216 ATMs, making it another notch on the list of countries with the most crypto ATM installations.
President Nayeb Buchel has placed more than 200 cryptocurrency ATMs across El Salvador in an effort to legalize Bitcoin. El Salvador was, at the time, September 2021, the third largest hub for crypto ATMs after the US and Canada, but in 2022, Spain and Australia surpassed El Salvador in terms of number of ATMs (1) Spain installed 215 crypto ATMs, making it the third largest hub for crypto ATMs. However, Spain continued its installation campaign and, as of this writing, has 226 crypto ATMs. El Salvador’s reign as the fourth-largest hub for crypto ATMs was short-lived, with Australia improving in the following months.
According to CoinATMRadar data (2), Australia installed 99 cryptocurrency ATMs in the final three months of 2022. As of January 1, 2023 there were 219 operational crypto ATMs in Australia, 7 more ATMs than El Salvador as of this writing. At this rate, Asia’s 312 crypto ATMs account for 0.6% of all installations worldwide, surpassing Australia’s 0.6% share. The entire cryptocurrency currently has 38,602 ATMs in use worldwide, with 6,071 added by 2022.
As a result of the country’s efforts to adopt its own central bank digital currency (CBDC) called eNaira, the Nigerian government was forced to limit cash withdrawals at ATMs to $225 (100,000 naira) each week. Director of Banking Supervision Haruna Mustafa announced the initiative saying, “Customers should be encouraged to use alternative means (online banking, mobile banking apps, USSD, cards/POS, eNaira etc) to complete their banking activities.”