Swiss National Railways to Offer Bitcoin Purchases at Ticket Machines Starting November 11

The Swiss national railway service (SBB) plans to start selling the digital currency Bitcoin at its stations next month, according to a BBC report.

From November 11, consumers will be able to buy Bitcoin using Swiss francs at ticket machines at stations.

However, it is not yet possible to purchase tickets using this web-based currency.

SBB said it has been testing consumer demand for bitcoin across the country and has decided to launch a two-year pilot project.

To buy bitcoin through station ticket machines, potential buyers will have to provide a mobile phone number for identity verification.

The size of each transaction will be limited to 500 Swiss francs (about $500). 1BTC currently costs about 708.64 Swiss francs, but consumers can buy smaller units of Bitcoin.

Swiss financial services company SweePay will provide the currency exchange service.

SBB said:

“There are currently not many ways to get Bitcoin in Switzerland. With more than 1,000 ticket machines, the SBB operates a dense, continuous decentralized network that is not only suitable for selling tickets.

The ticket machine system will be welcomed by many people, especially those who cannot buy Bitcoin through bank accounts, and many people complain that traditional international transaction fees are too high and there are delays in the receipt of funds.

Bitcoin - the world's first digital currency - has attracted a lot of attention as a way to quickly transfer money without the involvement of banks. Bitcoin transactions can be processed directly between users over the Internet.

As early as July, the Swiss town of Zug launched a six-month plan to allow residents to pay for public services with Bitcoin. Some people called it "experimental innovation", but others worried that the currency was not safe.