The first ever ATM for Bitcoin introduced in Dubai has already been removed.
Bitcoin is a cryptocurrency, a form of electronic cash, usually purchased digitally, but it became available to buy at the Rixos Premium, located in JBR for a short time.
Amhora, a UAE based company made the announcement and an article posted to Bitcoinist reported that the ATM was fully licensed by the Department of Economic Development, while also claiming people can now buy Bitcoin in Dubai, without an ID, ‘no questions asked’.
The ATM was installed this week
We have installed a Bitcoin ATM in Dubai at the Rixos Premium Hotel in JBR, Marina. Located on the Mezzanine (M) Floor.
— Amhora (@amhora_com) March 19, 2019
However, it’s been ‘temporarily’ removed after a brief run-in with law enforcement
UPDATE: After a brief run-in with the law enforcement yesterday, we have temporarily put-off the ATM from it’s location. Working closely with the relevant authorities to reinstate it after we fulfill all AML/KYC obligations.
email – firstname.lastname@example.org
— Amhora (@amhora_com) March 20, 2019
The ATM will charge you 5% commission on your total purchase
If permitted, the ATM offers competitive rates and reports suggest there will eventually also be a ‘sell’ option for the cryptocurrency.