South Africa is quickly becoming one of the countries where cryptocurrencies are rapidly being adopted. It has been reported that Johannesburg, one of South Africa’s largest cities will soon host a cryptocurrency ATM which will be installed at Northwold Spar. The country had its first ATM about three years ago in a small town called Midrand, which is located near Johannesburg. The ATM exclusively processed Bitcoins, but it ended up being shut down. Fortunately, South Africa is about to get another chance with the upcoming cryptocurrency ATM in Johannesburg.
Johannesburg is the biggest city in South Africa and possibly the richest. This makes it an ideal place to launch the ATM. Northwold Spar’s General Manager George Neophytou stated that the launch of the cryptocurrency ATM is an exciting step forward because it eliminates the difficulty and frustration of buying cryptocurrencies.
The launch of the ATM is also a sign that cryptocurrency adoption in South Africa is picking up the pace and its launch should further contribute to more use of digital currencies. Unlike the first cryptocurrency ATM attempt in 2015 which only supported Bitcoin (BTC), this ATM will support multiple currencies. It will support major cryptocurrencies such as Bitcoin, Ethereum (ETH), Dash (DASH) and others. Additionally, it will provide a chance for interested parties to purchase cryptocurrencies without necessitating a bank account.
Neophytou explained that the motivation to launch the cryptocurrency ATM came to him during a trip to Europe where he saw many signs written “Bitcoin accepted here.” He immediately got motivated to spearhead such progress in his home country but he maintains that a few issues have to be dealt with in South Africa before cryptocurrency adoption goes mainstream.
A cryptocurrency ATM costs anywhere between $7,800 and $13,300. Monetary regulation in South Africa falls under the governance of the South African Revenue Service (SARS) which does not regulate cryptocurrencies. However, the regulatory authority oversees the taxation of profits made in the cryptocurrency market. It has been reported that the cryptocurrency ATM will be launched after the terms and conditions set by the SARS are met.
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