Cryptocurrency ATM to open in Joburg

Cryptocurrency ATM to open in Joburg

Users of the unregulated currency will soon be able to buy cryptocurrencies and exchange it for cash at the country's only cryptocurrency automated teller machine.

Bitcoin ATM machine

Users will be able to buy or exchange cash for cryptocurrencies without a bank account at the ATM.


The first ATM of its kind to be installed in three years is set to open at the Northwold Spar in Johannesburg before Sunday.


The shop's general manager George Neophytou says he hopes this will bring the currency into the mainstream.


Neophytou says the installation of the ATM is only the first step as he plans to have stores also accept cryptocurrencies as a method of payment. 


The shop will take steps to prevent fraud and money laundering since the currency is not regulated by any organisation or government.


The Hawks confirmed in March that they are investigating a Bitcoin scam potentially involving thousands of victims. 


"Everything is above board, everything is legal to the best of our knowledge, and we are trying to comply with everything - we are not doing this to get anyone in trouble."

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