80% of Bitcoin ATM’s in Switzerland Support Two-way Transactions

One of the more convenient ways to buy digital currency is by locating a Bitcoin ATM in the area.  Rather than completing online verification procedures and relying on bank transfers to clear before buying Bitcoins, these ATM’s will take fiat currency bills.  Doing so allows the entire process to be completed much faster, while getting some hands-on experience with a Bitcoin ATM as well.  Bern, the capital of Switzerland, now has its very own Bitcoin ATM.

Two-way Bitcoin ATM’s by Bitcoin Suisse AGBitcoin ATM BitXATM

Bitcoin ATM’s can be found in multiple countries around the world, with the United States being the leader in  the number of machines installed. Regardless of where you look though, there is a small chance the Bitcoin ATM in your area will support two-way transactions.  Most machines only allow customers to buy Bitcoin but not exchange the virtual currency back to fiat.

In Bern, the capital city of Switzerland, that situation has changed.  A few days ago, Bitcoin Suisse AG installed a two-way Bitcoin ATM in the city, which has been manufactured by BitXatm.  As is the case with any Bitcoin ATM around the world , there is a fixed fee in place for both buying and selling virtual currency.  At the time of publication, that fee was set at 5%.

This is not the first venture by Bitcoin Suisse AG into the world of bitcoin ATM’s.  Over the past twelve months, Bitcoin Suisse AG has installed four Bitcoin ATM’s in Switzerland, thanks to partnerships with BitXatm and Lamassu.  Three out of those four Bitcoin ATM’s allow for buying and selling operations, giving Switzerland a leading edge, with 80% of the country’s Bitcoin ATM’s supporting two-way transactions.

Truth be told, it is no surprise to see multiple Bitcoin ATM’s pop up in Switzerland over the past few months.  Earlier in 2015, Bitcoin was declared “exempt from VAT” in the country, attracting a lot of interest from Bitcoin companies and entrepreneurs.  Bitcoin Suisse AG, among others, sees clear potential in bringing Bitcoin to everyday consumers in Switzerland.

Bitcoin Suisse AG obtained permissions to install Bitcoin ATM’s in the country in June of 2014.  That approval came at an opportune time, as the company had to abort the launch of a Bitcoin ATM in Zurich just weeks prior.  In the end, the Swiss Financial Market Authority came through and gave Bitcoin Suisse AG the green light.

Openness Towards Bitcoin

The VAT exemption is just one of the many things that make Switzerland a high-value target for entrepreneurs and Bitcoin startups.  Overall, the country’s legislators and regulators keep a very open mind toward Bitcoin and other digital currencies.  As a result, many companies have been relocating to Switzerland in recent weeks.

Over the next few months, Switzerland could become quite an interesting location to keep an eye on, from a Bitcoin enthusiasts perspective.  The country has always maintained a neutral status and government officials remain neutral to Bitcoin as well, for the time being.  However, once virtual currency becomes more popular in Switzerland, that situation might change.

Source: Press Release via Email

Images courtesy of Bitcoin Suisse AG, Shutterstock