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.