In what could very well be a first in the city-state of Singapore, Tembusu Terminals Pte. has installed an automated tele-exchange machine that will be able to purchase Bitcoins. This happened not too long after a Tokyo exchange for the virtual currency was closed down amid concerns surrounding possible theft. This particular ATM was installed at The Spiffy Dapper, which is a bar that is located in the Boat Quay district, and Tembusu Terminals Pte. is also in conversation with other retailers who happen to accept the virtual currency in order to provide the adequate space to set up its ATMs on their respective premises. So far, the potential clients’ name list remains anonymous.
This particular announcement arrives half a dozen days after Singapore’s finance minister claimed that the central bank of Singapore did not recognize Bitcoin as legal tender, and it has cautioned individuals concerning the use of virtual currencies. Bitcoins themselves have gone under the microscope recently across various markets, ranging from China to Russia and the U.S., as there are some regulators who would want nothing better than to ban or limit the use of the currency.
It is also speculated that the Singapore terminal could offer cash dispensing capability, where security features built in include identity and thumb-print scanning, in addition to anti-money laundering capabilities that were set in place by local regulators.