South Africa is set to gain its first every crypto ATM within a matter of days. The device will be the first ever in the country to cater for a range of markets including Ethereum, Dash and a handful of altcoins. The ATM is expected to be installed in the Northwold Spar branch.
Promoting Crypto Responsibly
The Crypto ATM is set to introduce crypto tokens to the general public. BY offering anonymous purchases of crypto, the process is made considerably simpler as all that is required is cash and a crypto wallet. No middle men and no bank accounts are required when using the device. However the team behind the ATM remain committed to abiding by current laws as any profits made by crypto purchases/sales are subject to tax.
As part of George Neophytou’s plan, the ATM remains key to establishing crypto in the country.
`It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.`
To conclude, while crypto ATMs remain less used in Europe, South Africa becomes the latest country in Africa to gain a ATM. Only a handful of countries including Zimbabwe have invested in physical ATMs to dispense crypto. The bulk of Africa remains reliant on online platforms of trade such as NairaEX to provide a seamless and cheap fulfillment of their crypto needs. The success of the new ATM remains in doubt, but being what has been deemed as the ideal location, it is hoped the ATM can avoid the fate of the previous one which had to be shut down shortly after launching in 2014.
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