The new machine will allow users to buy and sell their bitcoin at all hours of the day and night without going through bureaucracy.
(
Haaretz) The first
Bitcoin automatic teller machine in the Middle East will be
launched in Tel Aviv on Wednesday. Bitcoin is a peer-to-peer virtual
currency that allows for transactions between users without any third
party or middle man.
The
“cash-out capable Bitcoin vending machine,” made by American company
Robocoin, has several security features built in to prevent theft and
fraud that are compliant with anti-money laundering regulations,
according to a press release.
“The
launch of the first Bitcoin ATM in the Middle East will allow any
person with no previous knowledge of bitcoin and how it works to easily
buy and sell bitcoin 24/7 bypassing the bureaucracy of the banks,”
Bitbox CEO Nimrod Gruber said. Bitbox the company bringing the first
Bitcoin ATM in Israel.
Until now, all transactions had to either go through a bank or through private trading, which lacked credibility.
According
to Gruber, many people are looking for an easy way to sell or buy their
bitcoin for local currency, and this ATM will allow them to do so.
Foreign
workers, for example, can buy bitcoins in shekels and have their
families withdraw cash in local currency at a bitcoin ATM in their
country.
The launch takes place Wednesday night at the TOWN-HOUSE TLV hotel, 32 Yavne St. at the corner of Rothschild Blvd.
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