As the use and popularity of the cyber currency the Bitcoin increases, Singapore is going to get it’s first Bitcoin ATM next month.
The Singapore company Bitcoin Exchange will be bringing in a bitcoin machine but is currently still deciding the best location to put it.
The bitcoin is supposed to be attractive because of its global use and convenience as well as the lack of fees involved in transferring and using it.
However, due to Singapore not having a place to exchange real currency for the electronic currency, it has been difficult to use it as the current process involves having to wire money to overseas bitcoin traders.
With the new Bitcoin ATM, Singaporeans will be able to exchange Sing dollars for bitcoins simply by scanning their bitcoin wallet on their smartphones and then inserting money into the ATM.
Worldwide, the first bitcoin ATM was introduced in Vancouver in October last year. In the Asia Pacific region, Hong Kong installed it’s first bitcoin ATM last month.
As Singapore is a financial hub, it makes sense that Singapore should also join in and make it easier for people to obtain and trade with bitcoins.
At the moment, there are no regulations or special licences that restrict the operation of bitcoin ATMs and there are a handful of businesses in Singapore which accept bitcoins as a form of payment.
The Monetary Authority of Singapore has said that there is nothing wrong with using bitcoins but warned that people do so at their own risk as there is no issuing authority of the bitcoins that consumers could take action against should the whole thing collapse.