In South Africa, people are increasingly interested in investing and trading in cryptocurrencies. Bitcoin [BTC] based Automated Teller Machine [ATM] is gearing up to get launched in South Africa where crypto enthusiasts are consistently increasing in number.
In this context, South Africa is preceded by two other nations, namely, Djibouti and Zimbabwe. South Africa possesses the most intricate services in the financial sector. South Africa is one of those few nations to levy taxation on cryptocurrency. This instance is quite contradictory to the norms functioning in Zimbabwe where banks are banned from conducting crypto transactions and payments.
In 2014 Johannesburg launched its first bitcoin ATM, but reports indicate that it was closed for lack of significant user interest.
Now South Africa is trying again with a Bitcoin ATM. The project is being carried out by Northwood Spar. Its general manager, George Neophytou, says the best time is now.
“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”
It is estimated that between 200,000 and 300,000 users in South Africa are reported to be involved in cryptocurrencies by the end of 2017.
The new BTC ATM is expected to allow for the trading and purchase of cryptocurrencies. It is also expected that this week about 47% of South Africans plan to invest in cryptocurrencies and crypto mining.