The teller machine which converts Rial to Bitcoin (BTC) and vice versa was revealed during the 12th International Exhibition of Exchange, Bank, and Insurance on Wednesday. The machine, however, is not yet ready for the public as it is still waiting for regulatory approval.
A representative at the booth named Gharib said:
“We are totally ready to provide the public with this machine but we are looking for its regulatory context which some agreements are supposed to happen for this field and people will be able to use it and we are negotiating in this respect,” .
RT’s Ruptly, a Russian news outlet quoted an Iranian citizen named Elnaz Rahim, she said:
“In fact, it was the first BTM machine which was unveiled in Iran and I was happy, as a person who has Bitcoin, when I used it. I needed cash in Rial and it took me less than three minutes and I was very satisfied. I hope that we will be able to circumvent sanctions by it,”.
Bank Mellat, Bank Pasargad, Bank Melli Iran and Parsian Bank have reportedly jointly developed the digital currency.
Iran currency took a big hit in recent years and the US has imposed many sanctions on the country, this is forcing Iran to seek alternatives to navigate the sanctions. Bitcoin seems like a good hedge and an alternative to the international monetary system.
But the country is yet to embrace Crypto, Iranians are banned from many Crypto exchanges and have to use P2P solutions to navigate the restrictions. The launching of a Bitcoin ATM is a start.
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