Bulgaria Sees First-Ever Operational Cryptocurrency ATM Installed In Country
Bulgaria is now installing crypto-ATMs for the first time in history. These aren’t just normal ATMs, users will be able to purchase Litecoin, Bitcoin and other altcoins.
The next country in line for cryptocurrency ATMs is the Eastern European Bulgaria, who is soon getting multiple crypto-ATMs across the country.
DG Cash, one of the countries local crypto exchanges made the official announcement earlier this week on social media, that it will soon be launching a machine on Monday in one of the most popular shopping centers. The ATM, to be installed in Sophia, the countries capital, will provide users with Bitcoin, Litecoin, and other popular alt-coins as well.
You can see the Bitcoin ATM’s natural progression of services offered to clients – mostly those buying and selling cryptocurrencies with cash, stated Petar, a company representative, who works for Cryptovest.
Clients of Cryptovest, have already started asking if they can personally visit the exchange during the evening times, not in regular working hours, even on holidays and weekends. Unfortunately, the company can’t offer services of this nature, therefore the next step is to install a device making their money accessible like with an ATM.
Customers will be able to buy Bitcoin, Bitcoin Cash, Ethereum, Monero, and Litecoin using Bulgarian Lev, Euro, and US Dollars. Along with that, they will be able to exchange certain pairs like Bitcoin or Litecoin for Bulgarian fiat money called the lev. The ATM will also be able to issue users contactless NFC cards that can be used as cryptocurrency wallets.
Petar, last name only, stated that DG Cash encountered several regulatory and administrative hurdles, but would rather not touch about the matter. It’s not in the past and can be let go, preferring to look forward towards a positive future for the cryptocurrency ATM in Bulgaria.
The country is also a European Union member with a population of roughly seven million people, who recently created a buzz in the cryptocurrency sphere because of their participation in cryptocurrency. The country officially holds the second largest stash of Bitcoin in the world.
The company sees the ATM as a great opportunity to get citizens of the country into the cryptocurrency space. But, Petar also stressed that many cryptocurrency traders in the country, along with investors in the Balkan country surpass the expectations of most people.
It’s surprising how many people are already participating in cryptocurrency in Bulgaria. It can be seen every day – people from every class, creed and color, from different backgrounds, and different professions are all getting involved in the space. As for Bulgaria, the average cryptocurrency client has a university degree and speaks more than two languages.
DG Cash holds a massive trading volume of 2.45 million Euro since the month of December. According to their representative, the new exchanges has already bought its second Bitcoin ATM device – but it will be installed in Malta, where the company operates all the same. However, DG Cash isn’t the first company to place a Bitcoin functioning ATM on the island nation.
As for whether Bulgaria, there’s no telling if the country will see another cryptocurrency ATM soon, cautions Peta. At least not in the next year or so, still, no one can be for certain on these things.