The first Bitcoin automatic teller machine in the Middle East will be launched in Tel Aviv on Wednesday. Bitcoin is a peer-to-peer virtual currency that allows for transactions between users without any third party or middle man.
The "cash-out capable Bitcoin vending machine," made by American company Robocoin, has several security features built in to prevent theft and fraud that are compliant with anti-money laundering regulations, according to a press release.
The launch of the first Bitcoin ATM in the Middle East will allow any person with no previous knowledge of bitcoin and how it works to easily buy and sell bitcoin 24/7 bypassing the bureaucracy of the banks," Bitbox CEO Nimrod Gruber said. Bitbox the company bringing the first Bitcoin ATM in Israel.
Until now, all transactions had to either go through a bank or through private trading, which lacked credibility.
According to Gruber, many people are looking for an easy way to sell or buy their bitcoin for local currency, and this ATM will allow them to do so.
Foreign workers, for example, can buy bitcoins in shekels and have their families withdraw cash in local currency at a bitcoin ATM in their country.
The launch takes place Wednesday night at the TOWN-HOUSE TLV hotel, 32 Yavne St. at the corner of Rothschild Blvd.