24 Apr 2014 / The National – The country’s first Bitcoin ATM has been activated as enthusiasts for the virtual currency rally to promote its wider use in the relatively untapped Middle East market.
Located in an office in Dubai Media City, the kiosk allows people to deposit cash into their Bitcoin wallet (the name for their virtual account).
Umbrellab, the start-up that is developing the technology, aims to integrate the technology into 300 existing electronic service kiosks it already operates in shopping malls, supermarkets, hotels and labour camps across the UAE. Another 100 kiosks stored in a warehouse will also be activated. Each individual will be limited to the equivalent of up to Dh2,000 of Bitcoin transactions per day and Dh10,000 per month.
“People are welcome to come and give the ATM a go,” said Sergey Yusupov, the co-founder of Umbrellab. “We are seeing how everything goes from a legal perspective with the first ATM, as well as making sure it is stable before rolling them out.”….. Read more
