Ipoh, the land that gave us screen legend Michelle Yeoh and the best hor fun we’ve had on this peninsula, is also home to something straight out of 2018’s biggest hype so far: a Bitcoin ATM. Not only can you buy the cryptocurrency, but you can also cash out and get that paper.
After taking a dip over the past two weeks, the value of a single Bitcoin stands at RM48,615.30 today (US$12,284.34).
The ATM has been in operation since 2016, when Pinkexc (M) Sdn Bhd introduced the machine. Since then, they claim to have recorded an average of 50 transactions per day.
Fifty PER DAY? Is this Bitcoin thing going to be like Instagram, where suddenly everyone was on it but us, who were too busy updating our Facebook albums?
The firm reports that about RM80,000 (US$20,000) worth of transactions including buying and selling of Bitcoin have occurred via the machine. You can access the machine’s services via your Bitcoin wallet, which, for all you Luddites out there, is on your mobile phone.
The founders of the company decided to bring the forward thinking financial service to Ipoh, after seeing similar ATMs in Japan and South Korea.
China Press writes that Pinkexc founder have applied to Bank Negara for permission to take their ATMs across the country, but have not been able to secure permits yet.
Bitcoin is a peer-to-peer currency that has no intrinsic value, intermediary government, nor a central bank regulator. Its value leverages on public confidence, and the currency’s acceptance.
Worth only US$23 in 2013, its value surged to US$20,000 (RM80,000) but the end of last year. The incredibly speculative and volatile nature of the currency led Bank Negara to not recognize it as legal tender here in Malaysia.
However, it is considered a foreign currency, and thus can be traded as that among Malaysians. The national regulator’s most recent decision is to require exchanges to report transactions back to them, so as to try to keep tabs on illegal activities. Good luck with that.
Attempts to set up small kiosks throughout the Klang Valley ended with ATM machines being deactivated. In 2014, a stand-alone machine could be found at the upscale Bangsar Shopping Center; however, current internet searches indicate that the only operational one is 200km away, in Ipoh.
According to Bitcoin ATM finder www.coinatmradar.com, the Ipoh machine is the nearest one to KL, at 200km away. Don’t forget to fill up that tank before you cash out!
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