GIBRALTAR’S first Bitcoin cash machine has been installed in the reception of the World Trade Center.
People working and living in Gibraltar, as well as those visiting can now purchase the crypto currency using cash and mobile phone wallet apps.
The Bitcoin ATM as it is known accepts pounds and euro notes, so a fraction of a Bitcoin can be purchased for as little as £10 or €10.
Bitcoin ATMs are regarded as the beacons of the crypto currency industry, which has become aworldwide phenomenon.
Bitcoin has reached its all-time highest price recently.
In January 2009 when Bitcoin was first launched, 1 Bitcoin was worth next to nothing and today it’s worth a massive $4,000 (€3,412) with leading analysts predicting that value will hit a 6-digit number in 10 years’ time.
World Trade Center Gibraltar’s health food restaurant already accepts Bitcoin. Dan Thomson, owner of Supernatural, located on the mezzanine floor of the World Trade Center stated, “It was a natural progression to start to accept a modern currency and as the first retail business to do so in Gibraltar, we hope it will raise awareness and encourage other retailers and customers to begin to use the currency too.”
The Government of Gibraltar plans to introduce legislation in 2018 for the provision of Distributed Ledger Technology (DLT), including Blockchain, Bitcoin and other leading emerging eMoney innovations to regulate and facilitate this rapidly expanding sector of FinTech companies, many of which have already been attracted to World Trade Center Gibraltar.