Saturday, July 20, 2019

Local Crypto Company Launches Bitcoin ATM In Botswana

Express Minds LTD, a local crypto company in Botswana– a country in Africa, recently decided to step up on their game and launch their own Bitcoin Automated Teller Machine (BATMs) in the country. While this seemed to be a great idea for the market, Africa’s current relationship with the virtual currency says otherwise.

Africa’s Slim Trust In BATMs

Africa is one of the continents in the world that has a slim percentage of adopting bitcoin automated teller machines (BATMs). With the low number of its machines, the hope of crypto adoption seemed to be a rough path.

However, Express Minds LTD was expecting a lot more from their country when it comes to virtual currencies.

Sadly, consumers in Botswana that have an interest in using cryptos usually fly to their neighboring countries in Africa to buy cryptos. This demand and need for convenience in cryptos shout its way to the minds of Express Minds LTD.

Express Minds LTD Launches BATM

Due to this, the company announced its interest of availing $12,000 bitcoin ATM that aims to give convenience to the citizens of the country.

As explained, the company plans to place the machine in the center of the city market in Gaborone– to give attention to the virtual currency. Once the transfer is completed, this will be the 10th BATM in the whole continent of Africa.

Goabaone Brose Watlala, Director of Express Minds, stated that he still believes that the automated machine is the only solution and the answer towards crypto adoption in Africa.

“We have been working tirelessly to make it easier for Batswana [people of Botswana] to buy cryptocurrencies and now we are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience,” said by him.

Since the country has still no regulations regarding cryptocurrencies, the chance of Botswana’s advancement in virtual money can still be considered.

Related Article:  Report Shows That Bitcoin Transactions On The Darknet Doubled In 2018

Not Trusting The Machine

On the other hand, the founder and chief executive officer of Coinpesa, one of Uganda’s largest cryptocurrency exchanges named Suleiman Murunga, explained in an interview that cultural differences and the effect of majority decisions might have been the main reasons why Africans do not have confidence in dealing with Bitcoin ATMs.

“Africans prefer face-to-face interactions and that is why mobile money agents are more popular than bank ATMs.. In addition, bitcoin ATMs are expensive and the volumes currently do not justify the cost.”

Let’s Give It A Time

While the concept of using BATMs still seemed to be a unique method in Africa, the number of passionate crypto adopters in the country who were willing to introduce convenience also increases over time.

Let’s just hope for a better outcome in the next years to come.

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