First Bitcoin ATM installed in Malta
Malta Entrepreneur Installs Nation's First Cryptocurrency ATM
A Malta entrepreneur has installed the first of its kind country'scryptocurrency ATM. The installation occurred just days after one of the local media reported that a start-up had launched a crowdfunding campaign to sponsor the country's first bitcoin ATM.
One local Malta entrepreneur, known as Gabriel Cretu Torica has installed the country's first cryptocurrency ATM. The ATM terminal has been installed outside a store in Sliema and facilitates bitcoin purchases and balances checks through QR codes.
Mr. Torica also believes that the bitcoin ATM will inspire greater adoption of bitcoin in Malta.
Ivaj, a start-up and bitcoin cryptocurrency advocacy group championing bitcoin adoption throughout Malta, had already started a crowdfunding campaign seeking to raise finances for the purchase and installation of the island's firstcryptocurrency ATM. The crowdfunding campaign hopes to raise $6,000, with plans to install a second bitcoin ATM if more money than requested is received.
"We believe in Bitcoin's potential and decided to invest time and effort in bringing the first Bitcoin ATM to Malta in order to unleash these opportunities to individuals, and society as a whole," Leon Siegmund previously told TheTimes of Malta.
Malta's central government has recently expressed great interest in embracing bitcoin, with the cabinet of malta approving the first draft for a national strategy designed to promote cryptocurrency and blockchain technology across the nation during April.
Despite the bold rhetoric, the island still lacks basic infrastructure that will allow increased user adoption, as evidenced by the crowdfunding campaign for the nation's first bitcoin ATM. Malta's government has predominantly focussed upon attracting cryptocurrency based businesses to register on their shores.
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