Dubai first Bitcoin ATM is now installed and operational at the Rixos Premium Hotel in JBR, Marina.
One of the most popular city in the world Dubai, which is also one of the famous tourist destination and business hub as well, got its 1st Bitcoin ATM. It is also the first Bitcoin ATM in UAE.
The Bitcoin ATM is located at Rixos Premium, a 5 star hotel in JBR, which is in centre of Jumeirah Beach Residence. As of now, Bitcoin ATM accepts cash for bitcoin, but in coming months you will be able to sale your bitcoin as well. There is a heavy 5% commission on the buying of bitcoin through the ATM which transacts the currency in real-time exchange rates, as per the local report.
Bitcoin ATM is installed by Amhora, Which is also working on Blockchain search engine and explorer. The company has also shared Bitcoin ATM photographs with the location address on its twitter account.
Amhora CEO Anhad Dhingra explained the fee as “very attractive”, telling the Khaleej Times:
“You can buy bitcoins instantly. Otherwise, people have to go through a number of procedures which take a lot of time. 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.”
The Bitcoin ATM is licensed through Dubai’s Department of Economic Development. But it is lacking some standard protocols like, You need not to do any KYC ( Know Your Customer ) while buying Bitcoin. But later on when you will sale your Bitcoin, you need show your Emirates ID or your passport.