The Ukraine may prove to be quite an important area for Bitcoin over the coming years. Although the region isn’t often mentioned in the same breath as cryptocurrency, that will come to change soon. The Kuna Bitcoin Agency plans to install around 150 Bitcoin ATMs throughout the country by the end of 2017. That is quite an ambitious goal, to say the least. The first few dozen devices will come to Kiev in the next two months.
Bitcoin ATMs have proven to be an interesting trend as of late. Similar to bank teller machines, they accept cash transactions. Instead of moving that deposit to a bank account, users can buy Bitcoin and other cryptocurrencies with it. It is a convenient solution for all parties involved, even though it isn’t perfect by any means. Ukraine is looking to implement more Bitcoin ATMs into the landscape. More specifically, this project is part of Kuna Bitcoin Agency’s plans to promote cryptocurrency in the country.
Ukraine Will Get Dozens of new Bitcoin ATMs
It is interesting to note the country currently houses just one Bitcoin ATM. Expanding that total to around 150 in less than six months will not be an easy feat. It means nearly one machine has to be deployed every single day from now on. A very lofty and ambitious plan by the Kuna Bitcoin Agency, yet they feel comfortable it can be done. It remains to be seen where these devices will be placed exactly, though. We do know the first 20-30 machines will come to Kiev, which is not entirely surprising.
Additionally, Ukraine is home to thousands of street terminals selling Bitcoin as well. These are not traditional Bitcoin ATMs as we know them, yet they still provide convenient access to cryptocurrency. The machine creates vouchers based on the amount of fiat currency customers want to spend. Said vouchers can then be taken to the BTCU website and redeemed for their associated Bitcoin balance. It is an interesting system, although it remains to be seen how successful such ventures have been to date.
It is also worth mentioning the new Bitcoin ATMs coming to Ukraine will not just support Bitcoin. According to our sources, they will allow for the purchase of Ether, Waves, and some other undisclosed cryptocurrencies. It does not appear there will be any user identity verification measures in place either, although that may depend on the amount of currency being purchased. An interesting development for the country and cryptocurrency in general, that much is certain.
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