Kenya launched its first Bitcoin ATM in Nairobi, dispensing Litecoins in exchange for cash. The machine is developed by a local startup BitClub that lets a trader buy Bitcoin and Litecoin starting for as low as USD 5. The machine accepts both US dollars and Kenyan Shilling.
The ATM is believed to be popular with youngsters and sees 15-20 visitors a day, though the exchange rates are mentioned to be higher. BitClub also has plans to add M-Pesa to the payment options and speculated to be in talks with Safaricom. It was reported earlier that Kenya has one of the largest Bitcoin holdings, which was highlighted as a part of a survey conducted end of last year.
South Africa, last month had launched its ATM in Johannesburg, despite the clouds of uncertainty. This trend has started gaining momentum, as the Kenyan ATM would be the fourth ATM for Bitcoin on the continent after Djibouti, Zimbabwe and South Africa. There has been a lot of concerns depicted by local governing authorities over cryptocurrency trading, but it is on the rise in the continent.
Reserve Bank Of Zimbabwe had earlier banned trading of cryptocurrency but lost its plot after failure to show up in the court against the prominent cryptocurrency startup Golix.
Feature Image Courtesy: qz.com