Argentina will install 4000 bits of ATM

- May 24, 2018-

According to Reuters, in April 2014, bitcoin China installed the first bitcoin ATM in Shanghai. At present, the BTC ATM has covered 67 countries, with the highest coverage of Anguilla, 667 per million residents; San Marino's coverage of second, about 33 per million residents and 63 in mainland China.


According to Bitcoinist reports, the Central Bank of Republic of Argentina (BCRA) relaxed the country's ATM regulations this month. By then, Argentina will install 4000 digital currency ATM.


Odyssey group, the first participant of the new regulation, has installed 200 digital currency ATM in Argentina last year, allowing BTC, ETH and LTC to interact with each other. After the implementation of the new regulation, digital money ATM may realize the conversion between legal tender and digital currency.


The main function of the digital currency ATM is to connect with the Internet, realize the currency transaction under the line and trade between the French currency and the digital currency. In other words, the digital currency ATM is a built-in wallet built in the encrypted currency trading system.

  

At present, most of the global digital currency ATM machines only support the bitcoin trading, and the ATM machines in some areas also support other mainstream currencies such as BCH, XRP, ETH, LTC and so on. The future global ATM is expected to open more types of digital currency transactions.


However, according to the financial customer Protection Agency (CFPB), the transaction fee charged by the digital currency ATM machine is very high. According to the coinatmradar, the ATM machine transaction rate is as high as 6% and the transaction cost can be as high as $50. Despite its high transaction costs, the current rate of global expansion is still not slowing down in view of its faster trading speed and better flexibility and convenience.


According to Coinatmradar, the installation of ATM such as bitcoin and other digital currencies has increased sharply in recent months. As of February 2018, there were 2177 bitcoin ATM in the world, an average of 5 bitcoin ATM per day, compared with 954 in the world in January 1, 2017.


If 4000 digital currency ATM has been successfully installed in Argentina, it is expected to surpass the United States as the country with the most bit currency ATM. According to the total population of Argentina in 2016, the coverage rate of Argentina digital currency has reached about 91 per million inhabitants, and the coverage rate is expected to exceed San Marino (each). The number of million inhabitants is 33. It has become the only country after Anguilla (667 per million inhabitants).

In terms of national policy, Argentina has been supportive of digital money, Guillermo Torrealba, chief executive of Buda, of Chile's digital money services company, said he received banking support in Argentina, and some of Argentina's bank executives were dedicated to digital currency companies.


But at present, the relevant regulatory measures do not keep up with the growth rate of digital currency ATM in the global scope. Under the regulatory gap, there are many hidden dangers of digital assets.


Last December, according to the London police department, drug traffickers were using London's virtual currency ATM to hide their criminal earnings. Criminals can directly convert cash into virtual currencies on these ATM, without fear of alarming the law enforcement agencies as large amounts of cash are deposited in banks. In February of this year, bitcoin ATM theft occurred in Kuala Lumpur, involving more than 1 million ringgit (about 160 thousand yuan).


People in the industry believe that bitcoin ATM is a big gold mine that has not been developed by people, but in the near future, will the digital currency ATM under disordered state have a big hand in supervision?