When Dubai has got its first Bitcoin ATM, debate and discussion about it were obvious; however, there are some skeptics who think the entire concept behind the digital currency may challenge the sovereign rights of the state to issue the currency. On the other hand, a segment of users is enthusiastic about it and hopes several other BTC ATMs come up in other localities.
The local reports say that the country’s first Bitcoin ATM has given confidence to enthusiasts who think digital currencies are going to transform the way financial transactions, particularly the one that are done for international market are done. The BTC ATM is located in an office in Dubai Media City.
Currently, the kiosk allows people to deposit cash into their Bitcoin wallet. The machine has been developed by Umbrellab, the start-up which aims to integrate the technology into 300 existing electronic service kiosks it already operates in shopping malls, supermarkets, hotels and labor camps across the UAE.
The company has declared that it will be bringing up close to 100 such kiosks soon. Currently, each individual will be limited to the equivalent of up to Dh2,000 of Bitcoin transactions per day and Dh10,000 per month. According to the co-founder of Umbrellab Sergey Yusupov people are welcome to come and give the ATM a go.
The Bitcoin ATM Developer Looking Into all Legal Perspective and Compliance
He also said that his company is seeing how everything goes from a legal perspective with the first ATM, as well as making sure it is stable before rolling them out. Market observers with keen eyes on the Bitcoin market in the Middle East admit that this is one of the least integrated regions into the global Bitcoin network.
They also advocate for the virtual currency and say that it is fertile ground because of its large, youthful population and high proportion of migrant labor. Most of the continents have got Bitcoin ATMs and customers have been more than willing to appreciate the new features that are being added up to them.
The digital currency that seems to be fulfilling the void created by expensive PayPal and other similar services providers may get a new life from the foreigners living in Dubai who want to send their money to their native lands. A huge population from South Asia lives in Dubai and needs a payment method that is fast and does not cost a lot.
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