Local cryptocurrency traders, did you know there's an ATM in the country that lets you convert bitcoins into cash and vice versa?
The ATM, located in Ipoh, has been in operation since 2016 when local digital currency exchanger Pinkexc introduced the machine.
The founders of Pinkexc told ChinaPress that the machine was imported from Portugal, costing approximately RM70,000
The inspiration to set up a bitcoin ATM in Malaysia came when the founders were travelling in Japan and South Korea, as revealed in a report by the Chinese daily yesterday, 15 January. The two countries were some of the earliest adopters of cryptocurrencies in the Asia region.
ChinaPress added that the ATM is the first of its kind in Malaysia.
The founders revealed that traders would normally withdraw RM200 to RM300 in one transaction. For withdrawals exceeding RM500, an online transfer is required.
Besides bitcoin, the machine provides trading services for other cryptocurrencies like Ethereum, Bch, Lite, and Dash.
When asked if it has plans of installing more of these machines, the company said they have tried applying for permits with Bank Negara. However, all their applications thus far have been rejected.
The ATM is located inside Pinkexc's office building