Iran unveils its very first Bitcoin ATM

27 Apr, 2019 | Updated: 27 Apr, 2019
by Joeri Cant
Iran unveils its very first Bitcoin ATM

The Islamic Republic of Iran has unveiled its very first Bitcoin ATM at the 12th International Exhibition of Exchange, Bank, and Insurance in Tehran. 

Iran's very first automated Bitcoin ATM, was unveiled at the 12th International Exhibition of Exchange, Bank and Insurance in Tehran, where curious crowds were lining up to catch a glimp of the first BTM ever to be found in Iran, which was apparently made in Iran itself.

A film crew working for German news agency Ruptly captured the unveiling of the Bitcoin ATM at the conference, where they interviewed both the creators of the Bitcoin ATM and people who were clearly very excited about this happening.

One of the BTM creators said that they are totally ready to provide access to the public, 'but we are looking for its regulatory context which some agreements are supposed to happen for this field and people will be able to use it and we are negotiating in this respect.'

That is the unfortunate news. Although the device is 100% working, the ATM cannot yet be used because it is awaiting regulation.

The creators of the Bitcoin ATM will now showcase the product in order to raise awareness in Iran, while awaiting pending regulations.

However, that couldn't dampen the enthusiasm of Iranian citizen Elnaz Rahim, 'I was happy, as a person who has Bitcoin, when I used it', she said.

'I needed cash in Rial and it took me less than three minutes and I was very satisfied. I hope that we will be able to circumvent sanctions by it.'

In January Chepicap reported that Iran was in talks with eight countries regarding the use of cryptocurrencies as a means of payment.

'Starting a new chapter in its international monetary transactions to circumvent U.S.-led sanctions, Iran is in negotiating the use of cryptocurrency in its financial transactions with eight countries', the acting head of Iran's Trade Promotion Organization said at the time.

However, there have been reports as well about Iran's intent to prohibit the use of unapproved cryptocurrency for payment within the nation.

For now, let's be happy Iran has its first Bitcoin ATM. 

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Read more about: Bitcoin (BTC) Iran


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