Numoni introduces Bitcoin auto vending machines in Malaysia

Singapore-based payments transaction provider, Numoni Pte Ltd, Friday launched the bitcoin auto vending machines (AVMs) in Malaysia, expressing confidence over the potential demand and acceptance of bitcoins by the local market despite the controversy surrounding them in Japan.

Despite the collapse of the Tokyo-based exchange Mt Gox, other exchanges continued to be vibrant, Numoni Chief Executive Officer, Norma Sit, told reporters after the launching of the bitcoin AVMs at Bangsar Shopping Complex.

"The whole thing didn't collape, actually, it recovered and maintained, so it does say something about the global demand for this kind of product (and) where the product will go five years from today," she said.

Numoni has installed its bitcoin AVMs in Bangsar Shopping Centre here and Gurney Plaza in Penang after launching it at the 2014 Mobile World Congress held in Spain last month.

While different countries were deliberating over the acceptance of bitcoin, it remained in demand, she said, adding that there was a growing global bitcoin community.

She said that Malaysians were enthusiastic about bitcoins as there were about 1,000 to 2,000 potential users who wanted to join the global bitcoin community.

Bank Negara Malaysia does not recognise bitcoin as legal tender while China has banned bitcoins. France is looking at it as a voucher.

"The Numoni bitcoin AVMs enable the public to participate in buying small amounts of the crypto-currency that is seen in many countries as an international voucher that can be used to barter for goods online," she said.

Numoni said the company was targeting to install 10 bitcoin AVMs nationwide by year-end and 100 within three years.

"The AVMs will enable bitcoin holders to buy and sell efficiently and at being at acceptable cost of transaction is one way to hasten the adoption of such currency worldwide," it said.

It said the machines, which were assembled in Senai, Johor, were developed in Singapore since 2012.