Dubai residents and tourists can now buy Bitcoin through an ATM using just cash.
According to a Khaleej Times report, the UAE's first ATM that dispenses bitcoin is at the five-star Rixos Premium Dubai Hotel at JBR.
Buyers need present no documentation other than cash to buy bitcoin instantly. Customers will need need an Emirates ID or passport to sell the digital currency later, according to Anhad Dhingra, CEO, Amhora, which holds the licence for the ATM.
“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,” Dhingra was quoted by the report to say.
We have installed a Bitcoin ATM in Dubai at the Rixos Premium Hotel in JBR, Marina. Located on the Mezzanine (M) Floor.
shoutout to @LamassuBTC pic.twitter.com/XtxvHvvOeb— Amhora (@amhora_com) March 19, 2019
Dhingra’s ATM has been licensed by Dubai’s Department of Economic Development. There is a five percent commission on the total purchase for buying bitcoin through the ATM which transacts the currency in real-time exchange rates.
The option to sell bitcoin via the ATM is also in the works and should be available “in the next couple months,” said Dhingra.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.