Bitcoin – it’s all the rage these days. If you aren’t too clued up on it, check out this quick and dirty guide to the basics. But if you’re in the know, you’ll certainly be looking for easier ways to access your Bitcoin wallet in the UAE.
RELATED: Prefer plastic to cryptocurrency? Compare the best credit cards in the UAE!
You see, anyone can have a Bitcoin wallet and buy the currency. The problem, however, comes when you sell the currency and want your funds to be transferred back to your main account. There are Bitcoin exchanges in the UAE, who make things easier, but it’s still a little bit of a hassle to set up.
Happily, things could get a little easier very soon. A payment technology company called NCR this week announced that it had partnered with CoinHub, a UAE-based Bitcoin exchange, to allow UAE residents to withdraw cash, in local currency, from their Bitcoin wallets – using standard ATMs.
Now, the service isn’t available yet – NCR and CoinHub will need to partner with the banks providing the ATMs – but the technology is now available to make withdrawing from your Bitcoin wallet easy as anything.
All you need to do is sign up for the service with CoinHub, and you can get a Bitcoin Wallet ‘debit card’, which you can use to withdraw cash from the ATM like you would with any other card. The only difference is that the funds will be withdrawn from your Bitcoin Wallet, rather than your main bank account.
Or, if you’d prefer, you can go cardless, and simply authenticate with an account number and password at the ATM.
According to NCR, we’ll be seeing a “controlled deployment” of the technology across the GCC pretty soon.