ATMs Are Now Here

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South Africa’s ATM

Although nothing is really surprising with the the Cryptocurrency industry, it is still amazing to see how many new milestones are being reached almost daily. After another mammoth week in the market, we now see the unveiling of a Bitcoin ATM in South Africa.

Said ATM – which is positioned in a supermarket in Johannesburg – can provide several of the top Cryptocurrencies. Customers can buy Bitcoin, Litecoin, Ethereum and fiat currency from the ATM at the moment although it is hoped that in the near future, deposits will also be able to be made. There are several other machines – offering Cryptocurrency services – already popping up all over South Africa as the country really takes to the Cryptocurrency industry.

Zimbabwe’s Cryptocurrency Ban

Africa as a whole is also on board, with the exception that is of Zimbabwe who are at the moment living with a Cryptocurrency ban. The country has actually closed banks and other financial institutions because they were found to be operating in the Cryptocurrency industry. The ban came about in May of this year for several reasons including the fact that there has been very little seriousness given to managing the risks that Cryptocurrencies offer. There are concerns also with fraud that is taking place worldwide in the marketplace as well as the possibility of tax evasion. The Government sent a pretty strong message condemning Cryptocurrencies. This is disappointing considering that in the last quarter of 2017, it was reported that there was more demand than supply for bitcoin.

Statistics, Statistics, Statistics

There is a lengthy history of Cryptocurrencies in South Africa with the very first ATM for bitcoin being installed in Johannesburg 14 years ago. Sadly it was closed soon after through lack of use. It has been reported that at the close of 2017, there were somewhere in the region of 200 – 300,000 South Africans actually actively using Cryptocurrencies. Furthermore, it has been stated that nearly half of all South Africans living in the country are contemplating Cryptocurrency investment. These statistics really do prove just how popular the new digital economy is in the country.

SA bitcoin atmThe country is also the bravest and most innovative of all of the African nations. The finance industry in South Africa is well known for being diverse and is currently developing taxation for the Cryptocurrency industry. In fact, golix.com, is said to be locating an office in South Africa very soon. golix.com is a crypto exchange from Zimbabwe operating in seven of the African countries including Uganda, Kenya and Nigeria. The exchange buys and sells eight Cryptocurrencies including Bitcoin, Ethereum, Dash and Stellar Lumens.

It really is hoped that with the introduction of this ATM in Johannesburg it will just be the start. The plan is for Cryptocurrencies to soon merge into the mainstream finances that we all know and love. It is also hoped that with the other countries in Africa being so on board that Zimbabwe will soon jump back on the bandwagon and strengthen their position in the digital economy.

Kinsley Moore

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Kinsley Moore

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