Australia’s Crypto ATM Network Overtakes El Salvador to Become the Fourth-Largest

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Since 2019, the number of crypto ATMs in Australia has more than doubled and is set to continue, with growth predicted over the next few years.

El Salvador, the first country to legalize Bitcoin (BTC), has been pushed down yet another spot in total crypto ATM installations as Australia now boasts 216 ATMs across its major cities.

As Australia steps into 2023, it will become the 4th largest crypto ATM hub. In the last three months of 2022, Australia saw rapid growth in its cryptocurrency ATM industry. The country installed an impressive 99 crypto ATMs, with many located in larger cities.

Australia is making remarkable strides when it comes to crypto ATM installations. Although Australia only accounts for 0.6% of the global crypto ATM count, its impressive growth suggests it will soon overtake other regions regarding the total number of ATMs.

Currently, Asia has the highest number of crypto ATMs, with 312 machines located throughout the continent. However, Australia’s current trajectory indicates that it could soon take over this mantle due to its increasing number of installers and high customer demand for cryptocurrencies.

Nigeria’s move to impose an in-house central bank digital currency (CBDC) – eNaira – has brought drastic changes around ATM cash withdrawals. To encourage the adoption of eNaira, the Nigerian government recently put a limit on cash withdrawals from ATMs to $225 (100,000 naira) per week.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions,” said Haruna Mustafa, the director of banking supervision.

The success of this initiative will depend on how well Nigerians accept this move towards a cashless economy.

Overall, Australia’s rapid ascent in the global crypto ATM rankings shows real potential for continued growth over the coming years as long as market conditions remain attractive.

The growth in Australia’s crypto ATM industry will continue, with more machines being deployed each month as demand for digital currency continues to surge.

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