ALBUQUERQUE, NM -- One of the nation's first bitcoin ATMs is up and running at Imbibe, an upscale cigar bar and lounge here.
The bitcoin machine, operated by Enchanted Bitcoin and manufactured by Manchester, NH-based Lamassu Inc., turns users' cash into encrypted currency when they scan a Bitcoin QR code into the machine and insert cash. The device then transfers the equivalent amount of Bitcoin into their digital wallets.
Enchanted Bitcoin said it recently received accreditation from the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN), which requires that every Bitcoin exchange register as a money services business.
"Enchanted Bitcoins are paving the way for mainstream bitcoin accessibility in the Unites States," said Lamassu chief executive Zach Harvey. "They have put in a lot of time and effort on the compliance side, and we're very excited to see them open for business."