A company has made it possible for residents of UAE to purchase bitcoin with cash through an ATM. According to a release by Amhora through its Twitter account, the company stated that,
“We have installed a Bitcoin ATM in Dubai at the Rixos Premium Hotel in JBR, Marina. Located on the Mezzanine (M) Floor”.
This would enable people who want to purchase the coin anonymously to do so even though the company stated that this option is limited only to buying. The users of the service would need to swipe IDs to sell their crypto even though that option is not yet available at the moment.
Buying BTC Anonymously
Bitcoin ATM is gaining traction as adoption increase. The possibility of buying without KYC makes it attractive to those seeking anonymous purchase to use Bitcoin ATM but it is important to know that selling the coins through any exchanges would likely require some form of identification.
Amhora, the company behind the Bitcoin ATM in Dubai is licensed by the Department of Economic Development. The transaction fee is 5 percent for on the ATM a fee that many may consider high but the company pointed out the fact that most Bitcoin ATM charge as high as 7.5 percent.
The company stated:
“The commission is very attractive because you can buy bitcoins instantly. Otherwise people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different.”
Although there have been efforts to create many pilot Bitcoin ATMs, this is the only functioning machine in central Dubai. The location of Rixos Premium Hotel would create more opportunities for Kiosk services to cater for the many tourists in the city.