Bitcoin ATMs mark a return to Japan, for the first time since the crypto winter of 2018, allowing residents of Tokyo and Osaka to trade cryptocurrency from sources other than their phones and computers.
Previously prevalent in major commercial locations, cryptocurrency ATMs—also referred to as BTMs in Japan and elsewhere—became less popular after the devastating Coincheck hack in early 2018 brought the Japanese crypto industry to its knees.
Because of the Mt. Gox crisis in 2013–2014, which damaged investor confidence, cryptocurrency investments fell out of favor in the years that followed. As a result, in the months following the Coincheck event, BTMs were closed and deactivated in Japan, which was previously the center of gravity for the cryptocurrency markets.
It has been four years since a BTM has functioned in Japan, according to Mainichi and Nikkei. Today, however, such is no longer the case thanks to the installation of machines in both Tokyo and Osaka making the fact that Bitcoin ATMs mark a return to Japan reality.
The business behind the move, Gaia BTM, revealed in a news statement that traders will be able to buy or sell bitcoin (BTC), as well as Ethereum (ETH), bitcoin cash (BCH), and Litecoin (LTC).
Gaia BTM asserted that it would carry on installing equipment across the nation in the months to come with the goal of having 50 BTMs operational in a year. In the following three years, it also plans to increase that number to 130.
The media reported that this would be a first for the Japanese crypto industry because no Japanese company has previously operated a BTM in the nation; all previous BTMs were created by foreign companies or unregistered local businesses.
A licensed cryptocurrency exchange allows Gaia BTM, an Osaka-based business, to carry out transactions using its own trading platform.
The business said that it had incorporated “anti-crime features” into the gadgets to spot any potential money-laundering attempts.
Withdrawals will be permitted in 1,000 yen (USD 7.64) increments, with a USD 764 transaction limit. The daily withdrawal limit for users will likewise be USD 2,290.
The company’s CEO was reported as saying that BTMs give cryptocurrency investors a “feeling of security” since they let them “quickly convert their [cryptoassets] into cash.”
According to the business, coins like BTC have the potential to become “payment currencies,” therefore it also stated that it planned to “grow” into the crypto-related payments sector.
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