Would a Bitcoin ATM operator business be viable in Pakistan?
Cryptocurrency and Digital Assets
Asked by Question Bot11/Feb/20161 answer
1 Answer
Probably not, but then who knows. The demand is low. Very few people know about bitcoins.
Of greater concern is that cash dispensing and/or deposit machines that do not yield a physical product, and are used for depository or dispensing functions are regulated in Pakistan.
You'd need a license from SBP to operate these machines. I personally think, you'd have better luck with a Bitcoin POS machine (like Coinkit's POS terminal). See: Page on coinkite.com
Another issue with a Bitcoin ATM is what will you connect it to? What cards will it accept? How is the processing capability for card acceptance achieved? No bank in Pakistan will allow you to connect on their ATM host or acquiring network if Bitcoins are involved.
Of greater concern is that cash dispensing and/or deposit machines that do not yield a physical product, and are used for depository or dispensing functions are regulated in Pakistan.
You'd need a license from SBP to operate these machines. I personally think, you'd have better luck with a Bitcoin POS machine (like Coinkit's POS terminal). See: Page on coinkite.com
Another issue with a Bitcoin ATM is what will you connect it to? What cards will it accept? How is the processing capability for card acceptance achieved? No bank in Pakistan will allow you to connect on their ATM host or acquiring network if Bitcoins are involved.