A Bitcoin ATM that will curb money laundering via Cryptocurrency was on Friday unveiled in Lagos, Adekunle Daniel, Chief Executive Officer, CEO, Blockstale, has said.
Mr Daniel made this known at a news conference in Lagos tagged: “The Impacts of Crypto Currency, BITCOIN, on Traders and The Global Economy During this Pandemic Season and Thereafter.”
Blockstale is a principal developer and distributor of intuitive block chain software and hardware components in Nigeria.
Through Blockstale, Nigeria first Bitcoin ATM was deployed on Jan. 12, and there are five now in Nigeria to be installed at Ajah, Lekki, Trade Fair and in Ogun.
Its mission is to distribute, facilitate and enhance Bitcoin ATM industry in Africa, by providing seamless and creative solutions, taking the industry beyond the usual trading (buy/sell/exchange) by offering creativity and providing additional income streams to their partners.
Mr Daniel said: “Bitcoin is a digital currency that operates independently across national boundaries and sectors, which could be used as a form of trade, investment, payment and settlement.
“If anyone wants to send one thousand dollars to someone in the U.S, it would take three to five days for a wire transfer to come through, and it would attract around 50.00 dollars charges.
“Now with Bitcoin, one can send money instantly, and it would cost pennies.”
He said that with a remarkable number of different currencies, Bitcoin had eliminated the multiple charges and could save a lot of resources and cut unnecessary spending.
Daniel said that with the emergence of this innovation, Nigeria ranks eighth country to experience the evolution of the Bitcoin ATM.
“This had brought global recognition to the country and continent at large,” he said.
According to him, statistics have it that Africa, Nigeria precisely, has the highest number of Cryptocurrency traders, but with no Bitcoin ATM Machine.
“Bitcoin has unveiled several advantages that come with a financial model.
“One of the basic benefits of Bitcoin to a common citizen, who plans on sending and receiving money locally and internationally, is convenience.
“In the current situation with our conventional banks, people pay heavy charges for international transactions, which is a problem that Bitcoin solves for citizens,” Daniel said.
He said that some vendors with ill intentions took advantage of the lacuna in the system to rip traders that were vulnerable.
Daniel said that overtime, he took it upon himself to design the Bitcoin ATM in building trust among traders’ enthusiasts.
He said: “Central Bank of Nigeria, CBN, sees Bitcoin as a commodity that traders are trading at their own risk.”