With its volatile socio-political environment, South African residents are increasingly turning to cryptocurrencies as a way around the uncertain economic climate, by the end of this week, South African first cryptocurrency ATM will be installed at Northwold Spar, Johannesburg
After February’s election of Cyril Ramaphosa as South Africa’s new president, things seemed to be looking up. However, the country is now facing new challenges with the ongoing land reform debate as well as continued allegations of corruption in the country’s government.
With such a volatile socio-political environment, it’s no wonder that more and more individuals are turning to cryptocurrencies as a way around the uncertain economic climate.
According to Business Insider, international Retail Company, Spar, is looking to pave the way for easier mainstream adoption.
Spar Group is a wholesaler that distributes to independent retailers who own and operate about 850 Spar stores in South Africa and southern Africa, and who are part of a voluntary trading association.
The country’s first cryptocurrency ATM will be installed at Northwold Spar, Johannesburg, by the end of this week.
It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream
says George Neophytou, Northwold Spar general manager, who leads the project to install the ATM.
This ATM will feature multiple virtual currencies, including Dash, Ethereum, Bitcoin, and others. and users will be able to exchange cash for cryptocurrencies without the need of a bank account.
But cryptocurrencies are not currently regulated in South Africa, profits from them are still liable for the tax. Neophytou noted that a few details are being ironed out before the launch of the crypto ATM.
This is not the first time a crypto ATM has been introduced to South Africa though. In 2014, a Bitcoin ATM was installed at a men’s salon in Midrand, which is in the same province as Johannesburg. However, it was closed down a short while after.
South Africa joins Zimbabwe and Djibouti as the only Africa countries to offer cryptocurrency ATMs.