Bitcoin POS Machine on Colombian Border Aims to Help Refugees

A new cryptocurrency point-of-sale (POS) machine has been opened in Santander, Colombia just across the border from Venezuela.

The POS service aims to help refugees crossing the Simon Bolivar International Bridge by letting them buy goods using crypto payments.

Panda Group, a joint Colombian and Venezuelan venture, announced the opening of the POS machine through its Twitter account.

Buying and selling bitcoin

According to data from Coinatmradar.com, the POS machine lets users convert bitcoin (BTC), bitcoin cash (BCH), and dai (DAI) into Colombian pesos (COP).

At the machine’s physical location in the Colombian town of La Parada, users can also buy bitcoin at prices tied to the Localbitcoins rate in pesos, plus a 10 percent markup above market price.

Crypto asset holders can also sell their bitcoins at prices five percent higher than the established market value.

Helping the crypto community

The POS service isn’t the first crypto service being offered by Panda Group. The company has already installed five other crypto exchanges in Colombia, most of which are located in the country’s capital, Bogotá.

The company is also rolling out a new service called Xpay.Cash to lighten the load on crypto owners who want to convert their digital assets into fiat currency.

This service is for all our brothers to pay directly in Cucuta with their cryptoassets and mitigate the loss of exchanging from BTC to COP, which represents a loss of at least 20%,” said Arley Lozano Jaramillo, CEO of Panda Group.

Colombia has one of the highest numbers of crypto holders in the world. A recent survey ranked it second worldwide and shared first with Brazil in Latin America.