Hong Kong to get world's second bitcoin ATM, say makers

The bitcoin revolution is shifting to the east, say the Americans behind the world's first cash machine for the virtual currency, as they prepare to open a second one - in Hong Kong.

Robocoin's second teller machine could be ready for business by the end of this month, in time to take advantage of strong interest in the lead-up to the Lunar New Year.

Hong Kong beat off stiff competition from New York and Singapore, said Robocoin chief executive Jordan Kelley. There was so much enthusiasm for bitcoin in Asia that establishing a presence in the region was vital, he said.

"I think Hong Kong is a very progressive environment," Kelley said. "The government takes a progressive approach to emerging technologies, and it is important to get something going in the Asian economies."

The project will involve a partnership with "savvy entrepreneurs and smart businessmen who are very well connected and very well established," he said.

Citing confidentiality of the talks, the Robocoin chief said his company was looking at "several" different locations in Hong Kong to install the machine.

First-time buyers of bitcoin will find it considerably easier to speculate and invest using an ATM. A lengthy registration process is required for online bitcoin exchanges, forcing customers to wait days to buy coins for the first time. Using a bitcoin ATM, registration can take just five minutes.