The two-way bitcoin ATM which began operations over the weekend in Seoul’s Coex Mall allows users to both sell bitcoins and withdraw cash reports CoinDesk. The ATM will allow those who want to buy bitcoins to pay in cash minus any identification or biometric data unlike US bitcoin ATM’s which require users to produce a photo ID and a scan of their palm veins.
According to Coinplug’s Richard Yun, the bitcoin ATM will allow transactions of three transaction of close to $200 each, a day per wallet address meaning $600 per person. Normal Korean bank ATM’S allow up to $6000 in transactions per day and a $1,000 per transaction.
Though South Korea has declared bitcoin in the country cannot be a currency, it has not regulated or restricted it. Backed by Silicon Valley’s Silverblue, Coinplug has so far build three Android bitcoin apps for its merchants and traders, and a wallet app for consumers. Coinplug’s two-way bitcoin ATM is different from Lamassu bitcoin ATM’S which only accept cash and dispense bitcoins.