A new automated teller machine now offers Georgians a fast and easy way to buy and sell bitcoin and litecoin. Support for bitcoin cash has been promised, and other cryptos will also be added in the future. The ATM has been set up at a burger restaurant in the heart of the Georgian capital Tbilisi.
Cryptocurrencies in Georgia have been gaining popularity in recent years. The country has become a regional leader in the adoption of bitcoin and blockchain technologies. A new cryptocurrency terminal has been set up in Tbilisi offering the opportunity to exchange bitcoins and litecoins with the Georgian lari. The company behind the initiative promises to provide support for bitcoin cash and plans to introduce other cryptos, like ethereum.
The new BATM has been installed at the New York Burger restaurant between Tkvarcheli Street and Merab Kostava Street in the Georgian capital, not far from the 26 May Square. It is operated by a local firm called TPS. The company provides exchange services through cash terminals and an online trading platform.
According to Coinatmradar, another crypto ATM, which also supports bitcoin and litecoin transactions, can be found on 12 Shalva Dadiani Street in Tbilisi. Both teller machines are manufactured by the Prague-based company General Bytes.
More and more people in the Caucasus believe cryptocurrencies are the future of money. According to Giorgi Cheishvili, programmer at TPS, the popularity of digital coins is growing every day, and the Georgian market reflects the global trends.
“Many people want to exchange their cryptos and a growing number of Georgians are interested in buying cryptocurrency,” he told the local news outlet Marketer. In his opinion, Georgia is a leading country when it comes to opportunities to obtain bitcoin and the like.
“Many are interested in crypto innovation and business,” noted Anthony Sollimon, manager of the New York Burger restaurant. “We want to create a convenient environment where they will be able to make the necessary transactions,” he added.
Georgia is considered a pioneer in crypto legalization among countries in the South Caucasus. In the last several years, it has implemented blockchain technologies, both in the private and the public sector. Since 2016, the country’s land register has been maintained on a blockchain. Georgia is also home to one of the first bitcoin mining farms in the region.
Special courses are currently offered in Tbilisi for those who want to expand their knowledge of cryptocurrencies. Members of the Georgian crypto community have invited experts from EU countries to take part in the educational program.
Georgia’s neighbor Armenia has been trying to catch up in recent months. A bill to regulate cryptocurrency mining was introduced in Yerevan in February, as reported by news.Bitcoin.com. The proposed legislation offers crypto miners tax exemptions and other incentives. Operators of mining facilities will not be required to apply for any permissions or licenses. According to local experts, the draft law will effectively legalize cryptocurrency transactions.
Written by Lubomir Tassev