Dubai’s first Bitcoin ATM opens up currency debate

10 years ago | Posted in: Technology | 510 Views

The country’s first Bitcoin ATM has been activated as enthusiasts for the virtual currency rally to promote its wider use in the relatively untapped Middle East market.

Located in an office in Dubai Media City, the kiosk allows people to deposit cash into their Bitcoin wallet (the name for their virtual account).

 

Umbrellab, the start-up that is developing the technology, aims to integrate the technology into 300 existing electronic service kiosks it already operates in shopping malls, supermarkets, hotels and labour camps across the UAE. Another 100 kiosks stored in a warehouse will also be activated. Each individual will be limited to the equivalent of up to Dh2,000 of Bitcoin transactions per day and Dh10,000 per month.

 

“People are welcome to come and give the ATM a go,” said Sergey Yusupov, the co-founder of Umbrellab. “We are seeing how everything goes from a legal perspective with the first ATM, as well as making sure it is stable before rolling them out.”

 

The launch comes as believers in Bitcoin push for its broader adoption in the region. Launched in 2009, Bitcoin is a global online payment network that minimises the need to exchange money between international currencies.

 

Although the Middle East is one of the least integrated region’s into the global Bitcoin network, advocates for the virtual currency say it is fertile ground because of its large, youthful population and high proportion of migrant labour.

 

Bitcoin has the potential to enable migrants to transfer money home at cheaper rates than those offered by conventional exchange houses, supporters say.

 

Some of those gathered in Dubai on Monday and Tuesday evening to explain about the growth potential in the region.

 

“Why is it important for the Middle East?” said Ola Doudin, an entrepreneur with bases in Amman and Dubai. “First, there are around 60 to 70 per cent of adults across the Middle East that don’t have access to any banking services. They can’t transact and are stuck in a cash economy. With Bitcoin you’re eliminating that – all you need is access to the internet or mobile phone with access to the Bitcoin network.”.. see more

source: The national.ae

 

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