First Bitcoin ATMs to be Installed in the Republic of Georgia

News and Analysis

The Republic of Georgia is soon to see first Bitcoin ATMs installed. According to Efrem Urumashvili of BitFury Group, initially here will be two BTMs, one at the Tbilisi airport, the other one in the downtown of Georgia’s capital.

“The idea of installing BTMs is new, and we’ve already decided to install two of them. At the moment we are looking into the legal side of the issue and the compliance of our idea with the Georgian legislation. If everything is fine, Georgia will soon have its first BTMs,” Urumashvili said.

According to Urumashvili, the machines will work two-way, meaning that one can both buy or sell cryptocurrency.

Due to Bitcoin’s increasing popularity in economically developed countries, the number of Bitcoin ATMs is steadily growing. Recently, Switzerland’s national rail service (SBB) reveled plans to start selling the digital currency at stations. From 11 November, customers will be able to trade Swiss francs for Bitcoins using ticket machines.

However, even though there are already several large Bitfury data centers in the Republic of Georgia, Bitcoin is not too popular in this former Soviet republic. Some link it to the overall lack of reliable and detailed information about cryptocurrencies.

According to CoinATMRadar, there are around 840 operational BTMs around the globe, with most of them (477 to be exact) located in the U.S. Twenty three per cent of all Bitcoin ATMs are located in Europe.

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