Singapore Push for Bitcoin ATM

Bitcoin trend is hot, and bitcoin storm is coming to town. A Singaporean company issued a Bitcoin Vending Machine. Now you can trade bitcoins with Singaporean dollars.

Company Tembusu Terminals has explained, this is an Automatic Teller Machine (ATM), but later corrected the name to be “Bitcoin Vending Machine” since it’s more appropriate. Currently, there are about 20 Singaporean retailers accept bitcoin. By the end of this year more than 100 of such bitcoin vending machines will be set up in different areas in Singapore.

Users can use cash deposit function and put cash into the machine, the use their cell phone to scan the QR code to receive a verification code. The company also says that users can use their personal identification number (like driver’s license number here), or finger print scanning to pass the identity verification process. This is to prevent theft, and illegal money laundering.

The world’s largest bitcoin trading platform MtGox’s sudden closure has raise investors’ suspicion on the digital currency’s reliability. It’s controversy hasn’t stopped since then. Besides hacking, the risks include computer virus as well.

Bitcoin is a virtual digital asset. It’s not issued by any governmental central bank, nor is it centrally regulated. As long as you have internet access you can trade in bitcoins. Chinese bitcoin trading volume is half of total global trading volume. Its government released statement last December, banning financial institutions from conducting bitcoin-related businesses.