100 Bitcoin ATMs to be opened in Australia

E-commerce

by CBR Staff Writer| 05 February 2014

The ATMs would also facilitate depositing cash to buy more Bitcoins.

A company called Australian Bitcoin ATMs said they are rolling out 100 Bitcoin ATMs in Australia, Auckland and New Zealand for virtual currency vending.

The Melbourne-based company will acquire ATM machines from manufacturers including Robocoin, which will be deployed at shopping centres, casinos, airports and other commercial centres.

According to CEO Chris Guzowski, the machine works after Bitcoin owners enter the number of coins they want to sell. The machine would then connect to an international Bitcoin exchange, completing the transaction for them.

Money would then be released upon successful completion of the exchange.

Reports also added that the rollout will commence in Sydney and Melbourne by next month, followed by Adelaide, Brisbane, Perth and probably other nations in the region.

According to Bloomberg, no licenses are required to operate Bitcoin ATMs in Australia as they will be two-way vending machines, not part of a deposit-taking institution.

Currently the virtual currency is not a legal tender in the country, and the country's Treasury department has currently no plans to review its position.

Bitcoin lost nearly half of its value after China cracked down on trading of the virtual currency among some of its financial firms including banks from handling Bitcoin related transactions amid fears of money laundering.

However, games maker Zynga revealed plans to trial bitcoin transactions on Farmville 2 and several other games in January, which boosted Bitcoin's value back to $1000.

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