Following the successful installation of ATM’s in Pretoria and Nelspruit, South Africa’s financial capital Johannesburg now has it’s own Bitcoin and Altcoin ATM. This brings the total of ATM’s in the country up to four. The country was the first African nation to trial a Bitcoin ATM back in 2014 when the cryptocurrency market was far smaller, but due to lack of interest, it closed down.
South Africa has always been a country to embrace new technology and its citizens are showing increasing interest in digital assets of late. The nation benefits from the most advanced financial systems on the African continent and has excellent tax laws relating to cryptocurrency.
The new ATM is being supported by local Johannesburg grocer, Northwood Spar. General Manager George Neophytou believes its an exciting time for his country and is optimistic about cryptocurrency. He hopes the ATM will help make cryptocurrencies mainstream.
The ATM is expected to make buying and selling of Bitcoin far easier for Johannesburg citizens and further promote interest in cryptocurrencies. Recent reports estimate as much as 300,000 people in South Africa are already involved in cryptocurrency and almost 50% plan to get involved in the future.
Golix.com, Zimbabwe’s largest exchange, say they plan to open new offices in South Africa as it is a hub for fintech investment and innovation.
According to a crypto ATM tracker website www.coinatmradar.com, there are currently 3042 Bitcoin ATM’s in 68 countries worldwide.