In a forward-looking move, the financial capital of South Africa, Johannesburg just got its latest addition to the growing number of terminals that offer automated crypto-fiat exchange services in the country and across the continent. An Automated Teller Machine (ATM) capable of processing Dash, Ethereum, Bitcoin and other cryptocurrencies has been set up inside the Northwold Spar Supermarket enabling users to buy cryptocurrencies, exchange cash for cryptocurrencies without a bank account and facilitate peer-to-peer transactions.
The move is intended to remove the hassle currently associated with accessibility of cryptocurrencies. A multi-purpose ATM aims to make cryptocurrencies as mainstream in South Africa as they are in Europe, US and Asia.
Northwold Spar Supermarket is one of the biggest retail chains in South Africa and George Neophytou, the manager of the store himself is a crypto enthusiast and entrepreneur.
How does it work?
Individuals simply have to scan their cryptocurrency wallet’s QR code through their mobiles or through a physical copy and then proceed to purchase cryptocurrencies through the machine. The purchased cryptocurrencies will be transferred to their hot wallet opened with companies such as Luno and Wirex.
Not the first in South Africa
While this was initially being touted as the first cryptocurrency dispensing ATM in South Africa, a number of reports came to light, shortly after, dispelling this claim. Multiple cryptocurrency ATMs are already operational in South Africa, one commonly known among them being Bitmart while there are several others in Johannesburg, Cape Town and Midrand.
Interestingly, this move comes at a time when its neighbour Zimbabwe has put a ban on local banks trading in or processing transactions linked to cryptocurrencies stating that the very nature of virtual currencies makes them a popular choice for money launderers and criminal activities.
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