June 15, 2021

Copy-paste | The number of bitcoin ATMs sets new records

The development of the crypto-ATM market in Russia is hampered by the lack of legislative regulation of digital assets and high cost of equipment.

The number of cryptocurrency ATMs in the worldcontinues to grow and has recently reached a new record high, exceeding 6 thousand units. Since the beginning of November, more than 100 new cars have appeared. The lion's share of ATMs is located in the USA - almost 4 thousand units, which is equivalent to 65% of the total market. The top three also include Canada and the United Kingdom.

It is noteworthy that in these countries, along with growththe number of ATMs there are manifestations of dissatisfaction with the development of this segment. For example, the US Internal Revenue Service is currently investigating the possible use of such Bitcoin-ATMs as part of illegal activities, including money laundering and tax evasion. And in Canada, a call was made to completely ban the operation of such machines in Vancouver, again due to the use of ATMs for money laundering.

The fact that on the part of governments andskeptical statements to the Bitcoin ATM market are periodically made by law enforcement agencies, indicating the need to improve the system of their functioning in order to increase the transparency of operations. For example, over time, in some countries, a personality verification procedure may appear for the purchase of cryptocurrency through ATMs, which runs counter to the anonymous nature of the cryptocurrency industry.

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