Expats in UAE get ATM cryptocurrency withdrawals

Expats heading for or already working in the UAE can now make cryptocurrency withdrawals from dedicated ATMs. \r\n\r\nIn an announcement last Tuesday, NCR Corporation revealed it has joined with UAE cryptocurrency exchange CoinHub to allow users to make ATM cash withdrawals from their cryptocurrency accounts. According to the statement, NCR’s CxBanking software will give investors easy access to funds held as bitcoins.\r\n\r\nThe huge growth in value and growing acceptance amongst more traditional investors of cryptocurrencies as a whole and Bitcoin in particular is spurring a new, more approachable way of thinking as regards banking procedures. Once considered the exclusive preserve of computer-savvy financial experts and nerds, the convenience and simplicity of withdrawing funds from a cryptocurrency account via an ATM is a massive leap forward for the popularity of Bitcoin and its rivals. \r\n\r\nOnce a customer has been authenticated, his CoinHub account details will be shown, as well as all his linked cryptocurrency accounts. Choosing which wallet to use is the next step, followed by entering the amount required. Once the confirmation screen appears and has been confirmed by the customer, the cash is dispensed and the relevant wallet is debited. All virtual currencies use Blockchain to record transactions and update them in real time using an online ledger, with the entire process maintained by a computer network. \r\n\r\nMeanwhile, expats working in Saudi Arabia may well be aware of a push to replace oil-generated revenues with diverse alternatives in order to prevent a further shortfall in the kingdom’s annual revenue stream. A new plan put forward by the government in its 2018 expansionary budget will include new development projects as well as predicting at least 50 per cent of its financial needs will be financed by non-oil revenues. \r\n\r\nAt the present time, year-on-year revenues are increasing, with economists saying the kingdom has opened its purse strings in order to generate new sources of revenue. Plans for a new, futuristic mega-city include driverless cars and the extensive use of robotics are likely to open up opportunities for experienced expat professionals in relevant fields.