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Bitcoin Automated Teller Machine (ATM) Launched In South Africa

Bitcoin Automated Teller Machine (ATM) Launched In South Africa

A new crypto ATM now works in the largest city of South Africa, Johannesburg. The Automated Teller Machine that supports various digital currencies was installed in a supermarket in the northwestern part of the country’s largest city Johannesburg. This is the latest addition to an increasing number of machines offering automated crypto exchange services in the country and across Africa. However, not everything is rosy in the region. A cryptocurrency ban in neighboring Zimbabwe could deprive South Africa of this bitcoin Automated Teller Machine. However, crypto ATM services are spreading largely in Africa.

Zimbabwe and South Africa Interested in Cryptocurrency

The Republic of South Africa, the economic powerhouse of the African continent, has at least one common thing with neighboring country Zimbabwe: an increasing interest in cryptocurrency. Recently, both countries have experienced their own cryptocurrency adoption trends. This process has led to better access to crypto-ecosystems, but now their paths could get diverge again because of a ban that Zimbabwe placed on cryptocurrency.

Now, let’s take a look at  some facts about this ATM.

Facts About Bitcoin ATMs

A South African distributor reported this week that the nation has gotten its very first cryptocurrency Automated Teller Machine in Johannesburg, one of its largest cities. The ATM is mounted at a Northwood store, part of one of the largest chain stores in South Africa – Spar. The ATM is a multi-currency device, according to Business Insider South Africa. Customers can also purchase Ethereum (ETH), bitcoin (BTC), and Litecoin (LTC) including fiat cash from the ATM.

For now, it only supports just one way transactions, and this implies that only cryptocurrency purchases are available.

Moreover, South Africa has the most diverse financial services sector in Africa and has also been working on a taxation system for cryptocurrency. This is in contrast as compared with Zimbabwe that has shut down banks from operating and dealing in cryptocurrency transactions and payments.

In 2004, the country had its very first bitcoin ATM located in Kyalami in Johannesburg, but various reports revealed that the machine was closed as there was nobody interested in it.

Northwood Believes Introduction of Bitcoin ATM Very Useful

The general manager of Northwood, George Neophytou, believes that this ATM was introduced at the right time. Also, South Africa has become a center for digital innovators and ventures, with Zimbabwe’s crypto exchange platform Golix.com saying it will launch a brand new office there as it expands its operations in Africa.

The country has the most sophisticated financial services sector in Africa and was a favorite in terms of cryptocurrency taxes on the continent. This is largely opposed to Zimbabwe, which forbids banks to negotiate payments and transactions in cryptocurrencies.

According to Neophytou:

“Everything is very exciting, it will eliminate the frustration of selling and buying of cryptocurrency and, hopefully, it will help to make the mainstream of cryptocurrencies”

Also, according to the report, by the end of 2017, it is estimated that 200,000 to 300,000 South African citizens were using cryptocurrency.

The new bitcoin Automated Teller Machine in South Africa will further help in the purchase and trading of cryptocurrencies like Bitcoin, which is the most known existing virtual currency.

During the week, CNN had reported that around 47 percent of South Africans are considering investing in cryptocurrencies.

According to those behind the launch of the Bitcoin ATM, it will help eliminate a large part of the frustration involved in buying and selling cryptocurrency and they hope that this will help cryptocurrencies pass on to the mainstream as investment, trade and payment option.

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