If the local media sources are to be believed Singapore will have its first ever Bitcoin ATM by April this year. News came that a Singapore company is planning to install the island’s first Bitcoin ATM by April which will also be the first in Asia. Zann Kwan, one of the company’s directors at Bitcoin Exchange says that it has purchased a Lamassu unit that it expects will arrive in mid-March.
She admitted that the company plans to install more ATMs if the first unit is well received. According to Zann Kwan, the good thing is that the Singapore government has left Bitcoin alone. It’s treated like silver or gold, and if someone wants to deal in it, it’s at their own risk. The ATM will create a lot more interest in Bitcoin. ForexMinute has reported that similar BTC ATMs are already working in Vancouver, Canada.
Singapore is one of the Prime Markets for Bitcoin in Asia
In Kwan’s words the ATM machine’s location hasn’t been decided just yet; however, the company is looking for a location inside one of Singapore’s many shopping malls. At the same time Kwan did not forget to make clear that the Bitcoin ATM would not charge a fee for each transaction when supplying Bitcoin at a premium to market rates instead.
Kwan is also of the opinion that the company had not decided what exchange it would take its rates from yet. However, it is quite understood that it will be for the better experience of customers. Nonetheless, the Singapore Bitcoin economy has been growing, particularly by early adopters. Earlier, ForexMinute reported that the Singapore government is also mulling a plan to bring Bitcoin under taxation.
Nevertheless, according to Kwan there are a few bars that are accepting Bitcoins now, and people are talking about it. However, she says that it needs a few people to start the ball rolling and then onward the momentum will pick up. For instance, Bartini Kitchen, the cocktail bar and restaurant, located in the heart of the city’s financial district, began accepting Bitcoin payments at the end of November.
She is of the opinion that it will help for Bitcoin at large when several customers start paying in Bitcoin for their food and drinks at Bartini Kitchen’s modern European menu in Bitcoin. More users will encourage other organizations to give preference to Bitcoin. She says that there have been just a few transactions, not many of our customers know about Bitcoin. But overall, it has been a positive response.
To contact the reporter of this story: Deepak Tiwari at email@example.com