Namibia’s first Bitcoin ATM is now active in Maerua Mall and allows users to convert their cryptocurrency into cash. The machine can also turn cash into cryptocurrency by sending it directly to a user’s crypto wallet. A Bitcoin ATM doesn’t require a bank account and can connect directly to a crypto exchange or private wallet. Users are required to fill in their Namibian ID number & postal address and take a picture of their faces before transacting.
To comply with current regulatory policies, transactions over N5000 require additional identification, such as a residential address and a copy of the identity document. The machine will provide users with receipts after every transaction. It also enables to buy or sell Bitcoin and Ethereum, two of the largest cryptocurrencies. The Bitcoin ATM offers competitive rates of 70% lower than other cryptocurrency ATMs globally. Bitcoin ATMs are spreading worldwide, with 38,317 Bitcoin ATMs located in 77 countries.