Could Panama be the next El Salvador? Santo Blockchain will send 50 Bitcoin ATMs to the LatAm country next month.
Panama would be the first country to benefit from its newly purchased Bitcoin ATMs, while Colombia and Costa Rica are the next on its radar.
Panama has become an increasingly crypto-friendly jurisdiction. In September, a new bill was drafted toSanto Blockchain CEO Frank Yglesias, who goes by the moniker ‘Crypto Hemingway,’as a crypto advisor to the Panamanian congressman Alejandro Castillero, who oversees regulations regarding the new laws. Of the 300 ATM deal, Yglesias said:
“Santo is on a journey to help bring a new wave of crypto banking, investment and commerce to over 400,000,000 people in Latin America that are unbanked or unbankable, including 10% to 15% of the Hispanics in the United States that also are unbankable." As part of the plan, Latin Americans using ATMs will be able to buy tiny amounts of BTC with cash. The Santo business model links the ATMs to a layer-2 BTC wallet built by the company and eventually a Santo debit card–rolled out in Q3 2022., Yglesias said that Panama is the first Latin American country because it is the gateway to the Americas in terms of trade and logistics, finance and economic stability. Ultimately, Panama is the “stepping stone” to broader Latin American BTC adoption.
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