New cryprocurrency ATM in South Africa

A South African crypto currency technology company, Vendibit, has revealed a new and improved version of its cryptocurrency ATM which it first launched in 2014. When initially launched back in 2014 in South Africa, the Bitcoin ATM by Vendibit was an Afrikan first, the new version which is publicly available , allows shoppers to buy cryptocurrencies such as Bitcoin, Litecoin, and Ethereum using South African Rands.

With cryptocurrencies getting much mainstream attention, Vendibit decided to install their upgraded cryptocurrency ATM at a retail store in Johannesburg, South Africa.

“The rapid spread of blockchain technology and Vendibit VTM machines are proof that the public is demanding access to the future, today. Most people are becoming familiar of blockchain and cryptocurrencies thanks to names like Bitcoin, Litecoin and Ethereum. The VTM machines allows customers to buy cryptocurrencies such as Bitcoin, Litecoin and Ethereum with cash, with their smartphone-cryptocurrency e-wallets. They will also be able to send and receive peer-to-peer, without a bank. Worldwide, in USA, Europe and Asian countries, businesses are rapidly expanding their acceptance cryptocurrencies in day-to-day peer to peer and business transactions. Vendibit believes the customer should always come first. Cryptocurrencies are still new in South Africa, so making information easily available and understandable to a broad public is vital. The company is therefore focusing on its ‘5-C’ strategy, which emphasises Customers, Compliance, Cash, Convenience and Cryptocurrencies. It is key that people understand that the price of cryptocurrencies like Bitcoin is volatile," said Daniel Cappiello, Senior Blockchain Consultant at Vendibit.

Just recently, during April 2018, the South African Revenie Service (SARS) provided clarity and guidance on how cryptocurrencies will treated as far as tax in South Africa is concerned. In a statement, SARS explained that it will continue to apply normal income tax rules to cryptocurrencies. Thus, treating them as assets and not a currency or method of payment.

“We see our customers as being people wanting to invest in cryptocurrencies and also using it as another platform (as they would do online) to send Bitcoin via a digital platform,” concluded Cappiello.

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