Bitcoin [BTC] to have its first functional ATM in South Africa 17162
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Ashmita Dutta
Jun 26, 2018 at 7:13 PM

Bitcoin [BTC] based Automated Teller Machine [ATM] is gearing up to get launched in South Africa where crypto enthusiasts are consistently increasing in number. With each passing day, the citizens of South Africa are generating more interest and inclination towards cryptocurrencies. In this context, South Africa is preceded by two other nations, namely, Djibouti and Zimbabwe. BCFocus has reported that Bitcoin [BTC] wallet Zap which is the Lightning Network wallet has recently upgraded new features.

See also: Bitcoin price hits 2018 low but cryptocurrency investors hopes for recovery

Among all the nations in the African continent, South Africa possesses the most intricate services in the financial sector. South Africa is one of those few nations to levy taxation on cryptocurrency. This instance is quite contradictory to the norms functioning in Zimbabwe where banks are banned from conducting crypto transactions and payments.

First Bitcoin [BTC] ATM

Reports suggest that way back in 2004, Bitcoin [BTC] ATM became operation in South Africa for the first time. This Bitcoin [BTC] ATM was located at Kyalami, Johannesburg but soon it was shut down due to lack of interest among users. More than a decade has passed when the next endeavour is undertaken by Northwood Spar.

George Neophytou, the general manager of Northwood Spar has an optimistic feeling regarding this new attempt since he believes this is the right moment. With the progress of time, South Africa has evolved as a digital venture hub. Golix.com, a Zimbabwe based cryptocurrency exchange has declared its expansion by opening a new office in South Africa.

According to Neophytou, “It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.” As per the data of a report, it is estimated that after 2017, “200 000 to 300 000 people in South Africa involved in cryptocurrencies.”

See also: Cryptocurrency Exchange to open in South Africa: Money manager Sygnia 

Trading and purchases of digital currencies including Bitcoin [BTC] would be permissible with the help of these Bitcoin [BTC] based cash machine. It is expected that nearly 47% of the South African population are planning to make investments in virtual currencies and their mining.

It is believed that the ATM would, “take away much of the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies.” The endeavour would be a breakthrough in the domain of investment, trading and payment.

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