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South Africa with its first Bitcoin ATM

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South Africans who are very much interested in Crypto trading and investments are set to have their first Bitcoin Automated Teller Machine (ATM), following the steps of other African countries such as Djibouti and Zimbabwe.

Throughout the African continent, South Africa is the most experienced when it comes to the financial services sector. For some time now, South Africa has also taken the lead in cryptocurrency taxation, which has set a dividing line between the country and Zimbabwe, which has prohibited crypto transactions in banks.

 

Back in 2004, the first Bitcoin ATM in South Africa was in Kyalami in Johannesburg, but it was reported that no one was really interested in using it, and as a result, it was closed. However, George Neophytou (General Manager of Northwood Spar) is very much convinced that it’s the right time. He said: “It is awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream”

According to reports, as at the close of 2017, about 200,000 to 300,000 South African citizens have made use of cryptocurrencies, and a report this week from CCN said that an estimated 47% of South Africans have intentions- to go into crypto mining as well as investing in cryptocurrencies. 

Leading this new development, the ATM will take away “much of the frustration of buying and selling cryptocurrency , and hopefully help make cryptocurrencies” breakthrough into the mainstream as a payment option, investment or trade.

 

A website that shows ATMs across the globe, has mentioned Zimbabwe and Djibouti as the two other African nations possessing a Bitcoin ATM. The site also says that globally, about 3042 Bitcoin ATMs are present in about 68 countries, which indicates about 424 operators running them.

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