Crypto ATM machines or better known as BTMs have appeared in Japan after four years of inactive use.
Local crypto exchange firm Gaia Co., Ltd has announced on Tuesday that BTM machines can make payments using Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Although Bitcoin ATMs were introduced in Tokyo in early 2014, the digital asset has been largely inactive in the country since the crypto market downturn of 2018.
In fact, the local exchange Coincheck was also hacked with a loss of $530 million, which has brought the local sector down and turned interest to crypto ATMs.
Initially, the planned installation of BTM was in Tokyo and Osaka, but the outlined plan insisted on the provision of 50 BTM throughout the country within 12 months.
Nevertheless, Gaia Co., Ltd hopes to increase the installation of BTM machines by 130 units within a period of 3 years.
BTM allows users to withdraw a maximum of $787, or ¥100,000 for each transaction made with a maximum daily withdrawal amount of $2,243, or ¥300,000.
The set withdrawal limit is part of the anti-money laundering (AML) measures as a compliance measure.
This move by Gaia marks the first crypto company to register a crypto ATM in Japan. To withdraw BTM funds, users need to register with the company to have a special card.
When received, the user will send the crypto asset to BTM via smartphone and will withdraw the cash amount via yen. Furthermore, BTM will speed up the current production process in a country.
