Crypto-currency ATM to begin operating in Joburg

South Africa’s first crypto-currency ATM will open by the end of this week at Northwold Spar in Johannesburg

Business Insider reports the ATM will be able to process Dash, Ethereum, Bitcoin and other crypto-currencies. Users will be able to buy crypto-currencies at the ATM, and exchange cash for crypto-currencies without needing a bank account.

Northwold Spar Manager George Neophytou, who led the project to install the ATM, told the publication that it was exciting. “It will take away much the frustration of buying and selling crypto-currency, and hopefully help make crypto-currencies mainstream,” Neophytou was quoted as saying.

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There are an estimated 3 000 Bitcoin ATMs across the world in 68 countries, with the USA leading the pack. Zimbabwe and Djibouti are two African countries that already boast this ATM.

According to Business Insider, a similar crypto-currency ATM, which was only able to process Bitcoin payments, closed down in Midrand three years ago.

It has been reported that the ATM costs R100 000-R170 000. Neophytou, who is also a crypto-trader, came up with the idea while travelling in Europe.

“It’s a different world there. Walking around in the streets of Germany, you see ‘Bitcoins accepted there’ signs everywhere,” he said. He told the publication that they were finalising the terms and conditions before launching the ATM.

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He said they are doing everything by the book, even though the South African Revenue Service doesn’t officially regulate cryptocurrencies in South Africa.

However, the profits from crypto-currencies are still liable for tax.

Source: Business Insider