Japan’s First Bitcoin ATM is about to Make its Debut

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Japan’s First Bitcoin ATM is about to Make its DebutJapanese importer Raimu has ordered Japan’s first bitcoin ATM that is expected to be launched in Suzuka city, which is more popular as the home of Japanese Grand Prix.

The ATM was purchased from U.S. firm Robocoin Technologies and reached Raimu’s warehouse on Thursday. The ATM was purchased by an undisclosed buyer, though the Raimu plans to first show it off at the 200,000-people city of Suzuka, which is located near Osaka and Kyoto.

The importation marks the first time Raimu, a small importer of PC peripherals, camping gear and dog snacks, is venturing into Bitcoin. It sees phenomenal growth in demand for the machines, which has seen it order two more such ATMs.

“There’s going to be a lot more than three, I think,” Raimu CEO Motonori Kan told TechWorld in a phone interview.

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“It’s going to be an educational process. People know about Robocoin and it has the highest security features, and features required by governments around the world regarding money-laundering restrictions.”

Vancouver was the world’s first city to launch the bitcoin ATM last year. The ATMs have been acquired by buyers in the UK, the U.S., Switzerland, China, Singapore and New Zealand, besides other countries.

The machine will enable users to purchase and sell bitcoin, with all transactions denominated in the Japanese yen. Receipts detailing the transaction will be printed out just like in a conventional machine.

Kan admitted that Bitcoin’s image has been tarnished in the country by the recent bankruptcy of Mt. Gox, which was until February, the world’s biggest Bitcoin exchange. He however said that if the machine is unveiled in Tokyo, it may exceed the almost $1 million worth of bitcoin purchases that were recorded by another machine in Vancouver in its first month since it was rolled out.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com