Bitcoin ATM Installed in the Capital of Switzerland – The Basics about Cryptocurrency

Bitcoin consulting firm and solutions provider Bitcoin Suisse AG has installed BitXatm’s two-way bitcoin ATMs in Bern, the capital city of Switzerland.

Residents in the city of Bern will now be able to purchase and sell bitcoin with ease, with 5% fees and a maximum daily limit of US$5159.

Over the past year, Bitcoin Suisse AG has installed 3 two-way ATMs and a one-way ATM across Switzerland by partnering with two major bitcoin manufacturers BitXatm and Lamassu.

Improved Bitcoin Ecosystem

Over the last few months, bitcoin startups including wallet service providers, exchanges and consulting firms have begun to relocate to Switzerland due to the country’s friendly environment and regulations.

Earlier this year, bitcoin became exempt from Switzerland’s Value Added Tax. VAT is defined as a form of consumption tax; a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. VAT could potentially require a significant amount of service tax for bitcoin exchanges and BTM operators like Bitcoin Suisse. If bitcoin had not been exempted from VAT, it could have led to an increase in BTM conversion / service fees, which is already high as it is.

Bitcoin Suisse received the permission to launch and install bitcoin ATMs by the Swiss Financial Market Supervisory Authority in June of 2014, a few weeks after its suspended launch of its first bitcoin ATM in Zurich.

During that time, Bitcoin Suisse representative announced, “The Swiss Financial Market Supervisory Authority (FINMA) has requested Bitcoin Suisse AG to suspend the launch of the Bitcoin ATM pending clarification of open legal questions.”

However, the bitcoin startup immediately took the appropriate approach, and came to a consensus with the Swiss Financial Market Supervisory Authority to launch their bitcoin ATMs legally, across Switzerland. Today, their BTMs are installed in 5 different locations.