International

South Africa Leading In Digital Asset Innovation With First Cryptocurrency ATM

South African blockchain firm Vendibit has installed its first commercial cryptocurrency ATM at Northwold Spar in Johannesburg, the country’s biggest and richest city. This is the first cryptocurrency ATM of South Africa.

Past the appointment of Cyril Ramaphosa as South Africa’s new president in February, things are looking good for the country. However, the nation is now posed with new challenges with continued allegations of corruption against the government and current land reform debate. People are hence turning to cryptocurrencies as a way to work around the uncertain economic situation. Now, as per Techfinancials, the city of Johannesburg in South Africa will pave way for easier mainstream adoption by launching a cryptocurrency ATM.

Setting up a cryptocurrency ATM in the heart of the country is quite a bold and interesting move considering that the Reserve Bank is still assessing the cryptocurrency regulation. However, more and more people are beginning to adopt this very innovative currency.

Digital currencies like Bitcoin, Ethereum, the South African Rand, and Litecoin will be processed by the cryptocurrency ATM. These machines will allow consumers to purchase cryptocurrencies either with their smartphone-cryptocurrency e-wallets or using cash. The customers can also without a bank account send and receive peer-to-peer.

It must be pointed here that this is not the first time that a crypto ATM has been launched in South Africa. One such ATM was installed at a men’s salon in Midrand (same province as Johannesburg) way back in 2014. Unfortunately, it shut down soon. The ATM was initially opened to offer Bitcoin purchases.

“The rapid spread of blockchain technology and Vendibit-Blockchain Teller Machine (VTM) are proof that the public is demanding access to the future, today,” Vendibit senior blockchain consultant Daniel Cappiello said while Talking about the increasing demand of blockchain and cryptocurrencies.

Most people are becoming familiar with blockchain and cryptocurrencies thanks to names like Bitcoin, Litecoin, and Ethereum.

People all over the world are acquiring knowledge on cryptocurrency and blockchain trading. Businesses and interest in the new currency are increasing in USA, Europe, and Asian countries. Meanwhile, crypto holders in South Africa must be aware that though cryptocurrencies are not regulated by the South African Revenue Service (SARS, profits acquired from will be taxed.

This cryptocurrency ATM is a great breakthrough for South Africa as the country gears up to join the global revolution in digital finance.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Smitha Nambiar is a highly experienced writer who believes in heavy research. She keeps looking for new updates related to cryptocurrency and helps her readers know about it.

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