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Bitcoin is ready to do business

IRELAND'S first bitcoin ATM has opened for business.

The machine is at GSM Solutions in Abbey Street. GSM, which offers electronic repair services, also accepts bitcoin as payment for products sold in its store.

The machine, which converts physical euro cash into the digital currency, is being operated by Bitvendo, a bitcoin vending business started by a number of Irish and international digital currency enthusiasts.

Bitvendo plans to roll out more bitcoin ATMs around the country over the coming months, beginning in Waterford.

But the Central Bank has warned that it does not recognise or regulate bitcoin.