Johannesburg, South Africa’s largest city will get the country’s first Bitcoin and other cryptocurrencies ATM. The new machine will be installed in May and will be fully functional by the 3rd Week of May. The ATM will currently support three major currencies: Bitcoin, Ethereum, and Dash.
George Neophytou, from Northwold Spar, the firm where the ATM is being installed, expressed his excitement as he leads the project:
“It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”
Africa is not new to Bitcoin ATMs as countries such as Zimbabwe and Djibouti already have Bitcoin ATMs. During his time in Europe, Neophytou was fascinated by the rate of cryptocurrency adoption. Inspiring the Northwold Spar executive to initiate the technology in his homeland.
“It’s a different world there,” explains Neophytou. “Walking around in the streets of Germany you see signs with ‘Bitcoins accepted there’.”
South African Revenue Service (SARS) currently does not regulate Cryptocurrencies in the country, but profit earned from cryptocurrency trading is liable to taxation.
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