Iran unveils first Bitcoin ATM

Recent video footage shows the ATM with the logos for Bitcoin, Litecoin, Ethereum, and Ripple on its side

A video showing what is purported to be Iran’s first Bitcoin ATM has emerged on Twitter.

The video of the cash machine was posted by Malaysia-based investor Mansour Ghandi.

The footage shows the ATM, receipts, and the logos for Bitcoin, Litecoin, Ethereum, and Ripple on the side of the cabinet.

Coin Rivet has reached out to Mr Ghandi for more details.

Earlier this month, a group of Iranian banks launched a cryptocurrency after the Islamic Republic announced it was relaxing financial restrictions.

The gold-backed digital currency PayMon (meaning ‘covenant’ in Persian) was unveiled by Iranian company Kuknos in a ceremony.

It was developed by Kuknos and four banks – Bank Mellat, Bank Melli Iran, Bank Pasargad, and Parsian Bank.

Iran has recently introduced regulations for cryptocurrencies as part of its bid to get around US economic sanctions.

New direction

Iran’s move towards cryptocurrency is widely interpreted as a way of getting around US economic sanctions.

In May last year, the United States pulled out of a deal to lift sanctions against Iran in return for curbs on its nuclear programme – a deal US President Donald Trump has repeatedly blasted.

Iran controlling a cryptocurrency would allow it to bypass certain measures, such as a ban on buying US dollars.

In November, Iranian banks were barred from SWIFT, the global messaging system that allows cross-border payments.

Tensions between Washington and Tehran have risen since the US withdrew from the 2015 Iran deal.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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