Gibraltar has recently installed its first Bitcoin ATM, allowing all inhabitants and tourists to purchase the cryptocurrency with cash. The electronic cash machine supports EUR, GBP and GIP, and even fractions of the currency can be acquired. At the same time, the government is working on advanced regulatory frameworks, which ought to fortify and improve the legitimacy of digital currencies.
The reception area of the World Trade Center Gibraltar features the country’s first BTM and it is privately owned by currency promoter and supporter, Ludek Safranek. Following Malta’s example from couple of weeks ago, the owner decided to contact the Trade Center and suggest the idea, since it represents the best location for such an ATM.
Altcoins are to be added soon, since there has been an increase in companies that accept cryptocurrencies. Aside from the aforementioned facility, small restaurants and retail businesses also welcome the digital currency and encourage others to embrace e-money. Thanks to better tax regulations, companies are moving to Gibraltar rapidly – especially after Bitcoin entered the Gibraltar Stock Exchange in 2016.
The country has been working intensively on the currency’s regulations and further frameworks are being considered. Bitcoin is making progress as currency and many countries are now working on its full legitimacy. Gibraltar’s Government presented a paper in May, which deals with regulatory terms for digital currency-related companies.
Whether a small country on the southern coast of Spain will be the next hot-spot with amazing regulations and a vast number of BTMs is just a matter of time and proficiency.
Source:
“Gibraltar Gets First Bitcoin ATM While Working on Cryptocurrency Regulation”, Kevin Helms, bitcoin.com, August 22, 2017.
Vanenhox
6 years ago
Sr. Member
It is a wonder to me that governments are embracing bitcoin technology. For one thing governments have had a monopoly on currency, only they have issued it in the past. For another it seems to me that governments would feel their economic basis i.e. taxation threatened by the anonymous nature of bitcoin transactions. And...
It is a wonder to me that governments are embracing bitcoin technology. For one thing governments have had a monopoly on currency, only they have issued it in the past. For another it seems to me that governments would feel their economic basis i.e. taxation threatened by the anonymous nature of bitcoin transactions. And then there is the fact that anonymity has facilitated criminal transactions as well, which are not government favorites either.
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norman222
7 years ago
Sr. Newbie
I do completeley agree Dirk, it is nice to have booming value, but expect falls to... Just imagine buying a lot of them now with your savings and tomorrow you can become poor guy. To me bitcoin is now more forex item than currecny. If I was seller, I would not like to be paid in BTC because I would have to update my prices...
I do completeley agree Dirk, it is nice to have booming value, but expect falls to... Just imagine buying a lot of them now with your savings and tomorrow you can become poor guy. To me bitcoin is now more forex item than currecny. If I was seller, I would not like to be paid in BTC because I would have to update my prices every minute.
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dirkemans
7 years ago
Hero Member
That's pretty cool, but i don't see many other countries following! This is privately owned by a guy that has deep ties in the BTC world, so it's more like a private investment, undoubtedly meant to improve the validity of the BTC in general... After all this time i still remain somewhat of a sceptic towards the whole...
That's pretty cool, but i don't see many other countries following! This is privately owned by a guy that has deep ties in the BTC world, so it's more like a private investment, undoubtedly meant to improve the validity of the BTC in general... After all this time i still remain somewhat of a sceptic towards the whole BTC and other cryptocurrencies longevity.. Just look at the recent boom in value - if it can go up as crazy as that, it can also come down as fast. But of course there have been hundreds of people already, that have become millionaires just by buying a couple of BTC's only a few years back! Definitely wish i had some too:) But i would sell them in a heartbeat currently. I'll gladly watch from the sidelines as to how these matters will unfold in the coming year(s)
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