There are about 8000 bitcoin terminals (ATM) around the world and their distribution will not stop there. The Norwegian financial services company AksjeBloggen estimates that the number of bitcoin ATMs (ATMs) in the world has increased by 150% over the years. The most active bitcoin bankomat began to appear in the United States. But this activity attracted the attention of not only buyers, but also regulators.
The conquest of the world by bitcoin ATMs continues
The first bitcoin ATM started operating in 2013; a few years later, their number is more than 8 thousand in 75 countries of the world. And most of them are in North America.
According to the editorial office of BeInCrypto, which is based on data from the analytical resource Coin ATM Radar, at the end of 2019, the number of bitcoin terminals in the world was 6 387.
Such dynamics speaks of the healthy growth of the cryptocurrency ecosystem and cryptocurrency fans express the hope that the emergence of a bitcoin ATM will help change the public’s distrust of cryptocurrency.
Bitcoin terminal attracted the attention of regulators
The active growth in the number of bitcoin-ATMs came under the scrutiny of regulators. Many governments around the world are considering the bitcoin ATM as part of their fight against money laundering.
According to the report of the company’s experts, about 88% of all funds transferred to exchanges in 2019 were withdrawn to offshore via bitcoin ATMs located in the United States. And according to Ciphertrace, these amounts that go to high-risk foreign exchanges and are likely to be involved in money laundering are increasing every year.
In many countries, regulators are already active. For example, the authorities in Canada have set requirements for BTC ATM operators to be sure to report transactions above CAD10,000. The situation is similar in the USA, Spain, Germany, where the authorities also control cryptocurrency to avoid money laundering and tax evasion.
The future of BTC ATMs
But it is too early to put on the same scale bitcoin terminals and the adoption of cryptocurrency by society. This is confirmed by the situation in Asia, where blockchain technologies are actively used. But at the same time, in the Asian region, the number of BTC ATMs is scanty 2.1% of the total.
In the opinion of many, the distribution of ATMs is not relevant in modern realities. After all, payments need to be transferred to the field of non-cash online transactions. This is where the Asian cryptocurrency market is heading now, so ATMs will not be relevant in the future.
But not everyone likes this position. For example, Sberbank of Russia is going to buy ATMs that support the blockchain.