Bitcoin ATMs return to Japan
A Bitcoin ATM (BTM) is a device that allows you to conduct basic financial transactions with your wallet, including buying and selling coins. These devices appeared in many countries around the world a long time ago.
Japan is one of the first countries to use them actively. But, in 2018, after the disastrous $530 million hack of Coincheck, the Japanese lost confidence in cryptocurrency, and BTMs were decommissioned.
After 4 years, Gaia BTM, a licensed Japanese cryptocurrency exchange, decided to bring ATMs back to the country. It is worth noting that these are the first ATMs owned specifically by a Japanese company. The previous ones belonged to foreign crypto exchanges.
Thanks to Gaia BTM ATMs, token holders can buy or sell BTC (bitcoin), ETH (Ethereum), BCH (bitcoin cash), and LTC (litecoin). The maximum daily withdrawal per user amounts to 30,000 yen ($2,290), and the maximum cash withdrawal amounts to $764, which equals 10,000 yen.
The company plans to install the first devices in Tokyo and Osaka within a month. The company also plans to install 50 ATMs nationwide by the end of the year. And the number of devices should reach 130 within three years.
In addition to standard equipment, the new BTMs include anti-crime measures to prevent money laundering. You must register and get a special card to withdraw money from the system. Even with these security measures, this will be the fastest way to withdraw money in Japan.
The company’s management believes that bitcoin will soon become an official payment currency and plans to expand its activities in this field.