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Sweden getting its first Bitcoin ATM

December 6, 2013

Sweden's first Bitcoin ATM will be on display next Monday at the STHLM TECH Meetup in Stockholm. The machine currently resides in the offices of Safello, which says it is "in discussion with a big mall in the centre of Stockholm."

Built around a Google Nexus tablet, the machine reportedly cost $5000 to manufacture. Due to Sweden's skeptical view of the Bitcoin currency, not just anybody will be able to use the ATM:

Schuil says the financial authority in Sweden sees bitcoin as a "high-risk event," requesting additional KYC (Know Your Customer) questions beyond the normal ID verification. Consequently, the firm will take users through an extended KYC process via its website before allowing them to use the ATM.

Read more about ATM innovation.