South Africa is a place where people who haven’t yet invested in cryptocurrency are willing to explore its potential despite the strong 2018 bear market.
Unfazed by the bitcoin’s nosedive, the country’s first cryptocurrency ATM will be set up in Johannesburg, South Africa’s largest city. The ATM which will be located inside the Northwold Spar, one of the major malls in the city, will let residents buy cryptocurrencies, including Dash, Ethereum, and Bitcoin, with cash. No bank account is required.
George Neophytou, Northwold Spar general manager said:
“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”
Neophytou was excited about having a crypto ATM in his country after a European trip. He remarked:
“It’s a different world there. Walking around in the streets of Germany you see signs with ‘Bitcoins accepted there’.”
He is making sure that the new ATM will prove to be an important tool to help South Africans who are willing to join the crypto trend. He stated:
“We are doing everything by the book, we don’t want anything to be done under the cover. If someone gets cryptocurrencies from this ATM, they must know that it is safe to use.”
After the installation by the end of the week, South Africa will join Zimbabwe and Djibouti to be the only countries in the continent with a crypto ATM.
The South African Revenue Service (SARS) will collect taxes from profits made from crypto.