In South Africa, people are increasingly interested in investing and trading in cryptocurrencies. They will now have their first functional bitcoin ATM, following Zimbabwe and Djibouti.
ATM and Cryptocurrencies in Africa
South Africa has the most sophisticated financial services sector on the continent and has been a pioneer in cryptocurrencies taxation in the region. On the other hand, in contrast to South Africa, Zimbabwe unfortunately prohibited banks from dealing in payments and transactions in cryptocurrencies.
In 2014 Johannesburg launched its first bitcoin ATM, but reports indicate that it was closed for lack of significant user interest.
Now South Africa is trying again with a Bitcoin ATM. The project is being carried out by Northwood Spar. Its general manager, George Neophytou, says the best time is now.
South Africa is also becoming a reference for digital business and innovation. Zimbabwe’s Golix.com cryptocurrencies trading platform announced that it will open a new office in South Africa.
“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”
South African Adoption
It is estimated that between 200,000 and 300,000 users in South Africa are reported to be involved in cryptocurrencies by the end of 2017.
The new BTC ATM is expected to allow for the trading and purchase of cryptocurrencies. It is also expected that this week about 47% of South Africans plan to invest in cryptocurrencies and cryptomining.
Northwood Spar stated that this project will eliminate much of the frustration of buying and selling cryptocurrencies, and there are high expectations that this will help make cryptocurrencies a breakthrough in the mainstream of trade, investment and payment options.