Rise of Bitcoin ATMs around the World

August 8th, 2018

Rise of Bitcoin ATMs around the World

The number of ATM bitcoin is increasing rapidly. Several startups and restaurant owners are coming up with the idea to install ATM machines in prime locations. This is definitely positive news for digital currency users in this part of the world where the government is against this new concept.

100 new Crypto ATMs coming up in Moscow

The number of ATM bitcoin and other western countries are increasing, but Russia is trying to keep up with the demand. According to reports, approximately 100 new one-way ATM machines are being released in Moscow. Sources also added that these machines will be built anytime from next month to the end of the year. All these machines are installed by Investcoin24 around the city. ATM machines will be installed in all prime locations around the city such as malls, hotels, and terminals. According to the company, owner negotiations are underway so that they can install few unites in arrival and departure areas.

Rising demand for ATM machines

ATM bitcoin and other places are getting a huge response; the same is now expected in Moscow. According to the company Investcoin24, all ATM machines are programmed to sell four popular cryptocurrencies. They also sell ICO and Initial Coin offering tokens. This is really a big project, which will give cryptocurrency use a push in this part. The company also added that they will charge a commission of 4% which is quite negligible. Every month a new ATM machine is installed in the city. This has helped digital currency enthusiasts in this part of the world.

Some popular online shopping sites and restaurants have started accepting Bitcoin in Moscow. The companies who have started accepting digital currencies are also planning to install ATM machines in prime locations around the country.


Regulatory Uncertainties

The numbers of ATM machines are growing in Russia despite the fact that government is against it. Government and law enforcement authorities are claiming that they are not willing to legalize cryptocurrencies anytime soon. According to a recent press release from Deputy Finance Minister, Bitcoin settlements will not be legalized in Russia even though the demand is very high here. However, the central bank is adamant that these digital currencies can’t be treated as fiat currency substitutes.

Popular ATM bitcoin in locations such as Moscow are grabbing the attention of users through proper advertisement. Even though the government is against the use of digital currencies in Moscow, proper advisement can help people understand the importance of cryptocurrencies. Startups are uncertain how they will be taxed with this cryptocurrency business. Do you think Russia will allow ATMs to flourish in days to come?


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