Bitcoin ATMs are coming to the UAE
This is the kind of news that makes you sit up and take notice!
We've all heard of digital currency, and most people have taken the plunge, investing in virtual coins such as Bitcoin and Ethereum.
Bitcoin in particular, has seen a massive increase in value over a short period of time, and some consider it too good to be true. However, the cryptocurrency fever is anything but dying down, in fact, UAE residents will soon be able to make cash withdrawals from their cryptocurrency accounts at ATMs, reports Khaleej Times.
On Tuesday, a US-based omni-channel solutions firm NCR Corp, signed a deal with UAE-based CoinHub to allow Bitcoin users to withdraw cash from their linked CoinHub cryptocurrency accounts at ATMs across the country.
The process will be similar to conventional transactions. Customers will have the choice to use either their ATM cards for regular cash withdrawals, or initiate cardless sessions to make withdrawals from their CoinHub cryptocurrency accounts.
Gaby Abi Aad, Software Sales Leader Gulf & Saudi Arabia, NCR, told Khaleej Times that the “solution is not yet live with any bank yet, but we are positive that we will soon be engaging with banks to run proof-of-concept/controlled deployment across the GCC.”
He said banks would also need to make changes in their system. “We will wait for banks to work with regulators and officially engage us to implement the solution.”
While the actual implementation of Bitcoin ATMs may take time, the fact that they are coming into play bodes well for the future of cryptocurrency.
Will you be taking the plunge now?