After Singapore, South Korea has become another country that has got its first Bitcoin ATM. The development has received a lot of attention from the users who are appreciative of the digital currency. According to the local media, the machine sits in the Coffee Sedona cafe in one of Seoul’s largest shopping malls, the Coex Mall.
The Coex Mall is close to the Coex Intercontinental Hotel and a casino in the city’s world famous Gangnam district which receives a lot of footfalls. With the Bitcoin ATM the customers who want to buy Bitcoins can do so as it not just accepts cash but also credit cards as well. With the introduction of BTC ATM, South Korea is the latest country to introduce it.
According to the local reports not only is the Bitcoin ATM produced locally by a home-grown company, it is also two-way, meaning users can also sell Bitcoins and withdraw cash. Thus, it looks, the country is providing ample space for the digital currency to grow and better up its legitimacy which has been in tatters lately thanks to the collapse of Mt. Gox.
The Bitcoin ATM which is an outcome of a joint venture between Bitcoin exchange Coinplug and Nautilus Hyosung, the number one ‘regular’ ATM manufacturers in Korea, is expected to give pace to the development of Bitcoin infrastructure which is fundamental. According Coinplug’s Richard Yun the machine’s launch was well attended by the Korean media.
Utmost Security and compliance assured for Users
After Mt. Gox collapse, a lot of new guidelines are coming up for Bitcoin companies. In order to become reliable, the Bitcoin ATM in South Korea claims that it is safe and secure as well as installed complying with the laws. At the same time it ensures highest security when it says that the machine also has one other key feature which is not available with Robocoin, another Bitcoin ATM maker.
It says that unlike other two-way Bitcoin ATMs, such as the one produced by US company Robocoin, the Coinplug machine does not collect any identification or biometric information from users. Thus, unlike Robocoin, wherein for security purposes it requires photo ID and takes a palm vein scan of users, the new Bitcoin ATM does not require all these.
However, Coinplug’s machine does have some restrictions of its own that it feels should be kept in mind to tackle issues. For instance, according to Richard Yun the machine is set to allow transactions at a maximum of (the equivalent of) $200 each, and a maximum of three transactions a day per wallet address.
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