Iran's first automated Bitcoin teller machine (BTM), exchanging Bitcoin to Rial with the capability of dollar based calculation, was unveiled in the 12th International Exhibition of Exchange, Bank and Insurance in Tehran on Wednesday.

A BTM or Bitcoin teller machine is a machine connected to the Internet which has the capability of changing common currencies to Bitcoin and also buying Bitcoin with common currencies.

“We are totally ready to provide the public with this machine but we are looking for its regulatory context which some agreements are supposed to happen for this field and people will be able to use it and we are negotiating in this respect,” Gharib added.

“In fact, it was the first BTM machine which was unveiled in Iran and I was happy, as a person who has Bitcoin, when I used it. I needed cash in Rial and it took me less than three minutes and I was very satisfied. I hope that we will be able to circumvent sanctions by it,” said Iranian citizen Elnaz Rahim.

Bank Mellat, Bank Pasargad, Bank Melli Iran and Parsian Bank have reportedly jointly developed the digital currency.

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