Is the world ready for a Bitcoin-denominated ATM?
That answer will soon become clear when Las Vegas-based RoboCoin introduces its ATM-type device that will both buy and sell the Bitcoin virtual currency.
According to the company, the device will retail for $20,000. A pre-order promotion that runs through September discounts the price to $18,500.
The unit is designed as a freestanding kiosk, according to the company.
RoboCoin also noted in its product release announcement that the device includes compliance features. “Industry-leading security features a palm vein scanner that can isolate individual transactors for AML while the webcam can be used to collect identification and even proof of residency for KYC requirements,” said the company.
Kansas City attorney Braden Perry, a former federal enforcement attorney now with Kennyhertz Perry LLC., said in an email that he believed there were no legal or regulatory hurdles to deploying a Bitcoin ATM. “As long as they follow the regulatory scheme of a money transmitter per the FinCEN guidance I don’t see why not,” wrote Perry.
No sales to U.S.-based entities are known to have occurred. However, a Canadian company, Bitcoin broker Bitcoiniacs, has placed an order for five of the RoboCoin units, according to press reports.