The first bitcoin cash dispenser in the Middle East will be introduced in Tel Aviv on Wednesday.
The automatic teller machine made by US firm Robocoin has inbuilt security features to check theft and fraud, all of which comply with anti-money laundering regulations, a press release stated today.
“The launch of the first Bitcoin ATM in the Middle East will allow any person with no previous knowledge of bitcoin and how it works to easily buy and sell bitcoin 24/7 bypassing the bureaucracy of the banks,” chief executive of Bitbox, the company launching the first ATM in Israel said.
Until presently, all transactions had to utilize a bank or a private trading firm, which lacked transparency, as Haaretz reports.
Bitbox CEO Nimrod Gruber said the ATM will cater to the needs of many people who seek a simpler way to participate in bitcoin trading for local currency.
For instance, expatriates can purchase bitcoins using shekels and have their relatives withdraw money in local currency at a vending machine in their country.
The bitcoin will be launched on Wednesday night at the Town-House TLV hotel.
According to Green Prophet, Gruber said that bitcoin was witnessing rapid growth in Israel but faced a lot of bureaucratic hurdles. He said trading with private persons was potentially unreliable and brought about trust issues.
The bitcoin ATM sports an easy-to-use interface, which will make it convenient for consumers to buy bitcoins. Customers with no bitcoin wallets, the digital storage space for bitcoin, will be in a position to create them on the spot at the ATM.
Bitcoin is a peer-to-peer internet currency that facilitates transactions between users without the involvement of third parties. The cryptocurrency is decentralized, as the US Treasury defines it, and involves no single administrator or a central repository. It was created in 2009 by a developer under the name Satoshi Nakamoto.
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