The emirate of Dubai has seen the installation of the first Bitcoin ATM at the five-star Rixos Premium Dubai Hotel at JBR.
The move enables residents and tourists to buy Bitcoin through an ATM using just cash, Khaleej Times reported.
“At this kiosk, you just insert cash and you get Bitcoins instantly. It is possible to purchase Bitcoins through banking platforms and debit cards already but since we accept cash, it is very different. This is the first commercial Bitcoin kiosk in the city,” Anhad Dhingra, CEO of Amhora, which holds the licence for the ATM, commented.
He added that customers will need an Emirates ID or passport to sell the digital currency later, and no documents needed to other than cash buy the Bitcoin.
Dubai’s Department of Economic Development has licensed the newly installed ATM.
Dhingra pointed out that the option of selling bitcoin via the ATM is also in the works and should be available in the coming months.