Finbold in its report announced an increase in the number of Bitcoin ATMs (BTC). In particular, in March 2022, an average of 20 ATMs per day were installed worldwide. Although not all countries have reached this level, it shows the remarkable development of cryptocurrency.
Increasing the number of Bitcoin ATMs (BTC)
According to the Finbold report, 686 Bitcoin ATMs were installed in March 2022. This corresponds to an average of 22 installed ATMs per day. It is estimated that about 36,733 Bitcoin ATMs have been installed worldwide, but their number continues to grow.
According to preliminary data, in July 2022, about 24,000 Bitcoin ATMs were registered. It should also be added that 20,000 ATMs were installed worldwide last year. Such information may indicate nothing more than an increase in confidence in cryptocurrencies. “Sellers and investors are likely to be optimistic about the long-term prospects of the industry, although the most important cryptocurrency is still far from its historic high,” — Finbold said.
According to CoinATMRadar, as more and more countries switch to using ATMs for cryptocurrencies, there are still some countries where the spread of such systems is significantly slower. One such country is France, where only 3 cryptocurrency ATMs have been installed.
Despite the low prevalence of ATMs in France, neighboring countries have slightly higher results. In particular, 255 Bitcoin ATMs have been installed in Spain, 75 ATMs in Italy, and 48 ATMs in Belgium. However, the territory with the largest number remains North America, which has 32,674 ATMs, while Canada has only 2,447 systems.
Ban on installation
The United Kingdom remains one of the countries with the lowest number of cryptocurrency ATMs. Recall that in March 2022, the British government was forced to close all ATMs for violating the law on money laundering. Such a statement is a problem for ATM suppliers because it obliges them to prove the compliance of the systems with the requirements of the law for reopening. Therefore, so far the government has allowed the use of only 25 ATMs.
In addition, Singapore authorities have banned the broadcast of cryptocurrency assets. Officials explain their decision by the fact that ATMs are a marketing move in themselves. “Providing [access to cryptocurrencies] through ATMs is a form of promoting digital payment tokens. […] This can mislead the public, which can impulsively trade digital payment tokens without taking into account the risks, ” — local authorities explained.
Despite the significant development of cryptocurrencies in the world, we should also not forget about the implementation of new technologies and compliance with all legal rules. After all, as you can see, the governments of many countries control these innovations and are not always supporters of them.
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