- BITPOS improves transaction security and efficiency, reduces merchant costs, and enhances profitability, fostering economic growth.
- Over 2,700 cryptocurrency ATMs installed across Guatemala through a partnership with ATM provider 5B, boosting digital currency access.
Coincaex, a well-known cryptocurrency exchange in Central America, has recently launched the BITPOS point of sale system in Panajachel, a town in the Sololá department of Guatemala. This initiative is aimed at boosting tourism by leveraging the town’s reputation as the home of “the most beautiful lake in the world” now also known as Bitcoin Lake.
BITPOS enables local businesses to accept payments in bitcoin (BTC) and other cryptocurrencies, allowing tourists to transact without needing to convert their currencies into the local quetzal.
The system facilitates purchases by providing a direct, cryptocurrency-based payment option. According to Coincaex, BITPOS not only improves the security and efficiency of transactions but also reduces costs and enhances profitability for merchants. This is expected to support economic growth and promote crypto financial inclusion within the community.
The adoption of BITPOS across Panajachel is varied, encompassing establishments from restaurants and craft shops to tattoo parlors. This technology appeals to customers preferring quick and flexible transaction methods, and it has contributed to the economic and tourist development of the area.
In addition to promoting cryptocurrency for local transactions, Coincaex also partnered with 5B, an ATM provider, in August to install more than 2,700 cryptocurrency ATMs throughout Guatemala. These ATMs enable the conversion of cryptocurrencies into the local currency, enhancing access to digital currencies for the general population.
This initiative has positioned Guatemala as third worldwide in the number of cryptocurrency ATMs, following the United States and Canada, according to data from Bitcoin ATM Radar.
Furthermore, the area known as Bitcoin Lake, which encompasses Panajachel and neighboring towns around Lake Atitlán, has become a focal point for cryptocurrency-based tourism.
It has been reported that approximately 90 local businesses in the Bitcoin Lake area now accept bitcoin as payment. These include a variety of services such as hotels, restaurants, cafes, boat services, taxis, clothing stores, and laundromats.
Overall, the introduction of BITPOS and the growing acceptance of cryptocurrencies in Panajachel are indicative of a shift towards innovative payment methods. This change is not only making transactions easier for tourists but also driving local economic development.
