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- Bitcoin ATMs continue to conquer the world
- ATMs hit by regulators
- BTC ATMs are not synonymous with blockchain
Bitcoin ATMs: how many of them are there now and are they needed?
There are now over 8000 bitcoin ATMs around the world.
Over the past two years, their number has increased by 150%.
Regulatory authorities began to look closely at this active growth..
The number of bitcoin terminals (ATM) is actively growing. Now around the world there are about 8000 of them installed. However, regulators do not sleep.
According to the Norwegian financial services company AksjeBloggen, the number of bitcoin ATMs (ATMs) in the world has grown by 150% over the past two years. The most active BTC terminals are being installed in the USA. However, such ATMs have recently been in the focus of regulators’ attention..
Bitcoin ATMs continue to conquer the world
The first bitcoin ATM appeared in 2013, and since then there are more than 8000 such machines installed in more than 75 countries around the world..
Moreover, in just six months of 2020, since January, the number of such BTC terminals has increased by more than 1700. The vast majority of them are based in North America..
In the same January, the editorial staff of BeInCrypto already said that as of the end of 2019, there were 6,387 operating bitcoin ATMs in the world, and over the past year their number worldwide increased by an impressive 56%, according to the analytical resource Coin ATM Radar..
Of course, such dynamics can be considered an indicator of the healthy growth of the cryptocurrency ecosystem. In addition, crypto enthusiasts hope that ATMs familiar to ordinary citizens will help turn the wary public opinion about cryptocurrencies..
How many bitcoin ATMs are installed in Russia? What are they needed for? Join the discussion in our Telegram channel – and you will find out everything!
ATMs hit by regulators
However, it seems that so far the active growth of the bitcoin-ATM segment has attracted more regulators than ordinary users. As Ciphertrace forensics experts warn, governments around the world have taken notice of bitcoin ATMs as part of their anti-money laundering campaign.
In a recently published report, the company’s experts said that about 88% of all funds transferred to exchanges through US-based bitcoin terminals in 2019 were eventually transferred to offshores..
According to Ciphertrace, the amount flowing into high-risk foreign exchanges – which are highly likely to be involved in money laundering – has doubled every year since 2017. Authorities are concerned that ATMs are the easiest way to convert currencies (both fiat and digital) and are therefore a blessing for criminals.
In Canada, regulators have already begun to tighten the screws in the BTC ATM remittance segment. For example, they recently demanded that operators of such terminals must report all transactions exceeding CAD10,000 on a mandatory basis. Also, warning messages for users appeared on a number of ATMs..
Similar trends are also seen in Germany, Spain and the United States, where authorities have targeted ATMs as convenient vehicles for tax evasion and money laundering..
BTC ATMs are not synonymous with blockchain
However, as the BeInCrypto editorial staff wrote earlier, you should not equate ATMs with the massive adoption of cryptocurrencies. A clear confirmation of this is the situation in Asia, which is now considered a recognized leader in the application of blockchain technologies. Meanwhile, as of the beginning of the year, this region accounted for only a measly 2.1% of the total number of BTC terminals..
Many believe that the very concept of ATMs is already hopelessly outdated, and all payments should migrate to the realm of non-cash online transactions. This is exactly what Asia is heading for now. Accordingly, such an innovative industry as cryptocurrencies, in principle, should not mess with ATMs..
However, not everyone agrees with this position. So, we recently said that Sberbank of Russia announced an open tender for the purchase of ATMs with blockchain support.
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