Dubai: US-based NCR Corporation, which has teamed up with the UAE’s cryptocurrency exchange CoinHub, is in talks with two-three banks in the Gulf to start a Bitcoin ATM, but does not have a time frame for the launch, an NCR Corporation executive told Gulf News on Wednesday.
The ATM, which is not live at the moment, will enable users to make cash withdrawals from their cryptocurrency accounts at the machine.
“We had interest from banks in the GCC, and we are in talks with a couple of banks with whom we are having detailed discussions on the solution and the architecture. The work has to be done not only from NCR or CoinHub, but also from the bank’s side,” Gaby Abi Aad, software sales leader Gulf and Saudi Arabia, told Gulf News.
Banks will have to be made a party to the transaction. “CoinHub will end up having some sort of account with the bank, and that account will have to be funded. So if anyone withdraws cash it will be taken out from CoinHub’s account in the bank. That’s the way the bank is connected,” Abi Aad said.
Banks will also look at the regulatory aspect before the launch.
Commenting on the time frame for the launch of the ATM, Abi Aad said: “We still have a long way to go, both in terms of getting the architecting the solution with the bank and with CoinHub, and look at the regulatory side as well. We would like to have an innovative solution as quickly as possible, but I don’t have a target right now.”
The meteoric rise in Bitcoin prices has resulted in massive interest from a taxi driver to ultra high net worth individuals, with some traditional fund manager calling it a bubble, and even comparing it with the 16th century Tulip Mania.
