Vancouver puts a ban on the Bitcoin ATMs
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Vancouver puts a ban on the Bitcoin ATMs

The ATMS of the Bitcoins are termed as an ideal vehicle for laundering of money according to the Vancouver police. Even the mayor of Vancouver has suggested a ban on this Bitcoin ATMs. According to many businesses as well as experts, opinions are coming that certain federal regulation must be made for reining a sector which is currently unregulated. All other money servicing businesses like the loan companies of payday including Money Mart as well as Automated Teller Machines are coming under certain federal regulations related to anti-money laundering, but the ATMs of cryptocurrencies are not at all related to such kind of regulations.

Mixed opinions regarding the cryptocurrency ATM

Christine Duhaime is a well-known lawyer in the field of advising companies for averting crime related to finance as well as the laundering of money. This lawyer said that there are many connections for Vancouver regarding the cryptocurrencies which are being used for the nefarious purpose. Other aspects are also there which are including legitimate business and are also trying different types of regulations for operating them in a good legitimate manner.

A total of around more than 60 ATMs are there which are scattered around Vancouver for cryptocurrencies.  Shopping malls, Convenience stores and also Coffee shops are having the mode of a cryptocurrency payment. This kind of machines basically allows people to convert the cryptocurrencies into cash. Bitcoin is pretty famous in this field, but other than Bitcoin, Etherium is also used.

A motion was passed in the month of January regarding the cryptocurrencies which stated the information to be noted about the sender as well as the receiver of the funds and also issues related to security features. However, on the 28th of May, it was stated by Mayor Kemmedy Stewart that the city is trying to band the cryptocurrencies. Alvin Singh is the Mayor’s director of communication and according to him researches are going on these issues and people will be receiving further notice on the other quarter of the year 2019.

The main reason for which banning is one of the options

Many reports are there one such report was that, if any crime group is purchasing the ATMs for Bitcoin then it may be a tool for money laundering.  A further statement was also made that the group can easily give their full cash with the help of this ATM for many times without any limit or without any transaction fee. This was the main reason for which a good regulation is important for the cryptocurrency sector.

According to the well-known lawyer Christine, there have been limits for the cryptocurrency ATM for re[resenting the risk tolerance and not to stop the laundering of money and fraud. BitNational is a famous company under which Drew Glover operates around a total of 15 ATMs of Bitcoins in the area of Vancouver. However, he set a limit of $3000 for selling cryptocurrency and for selling the cryptocurrency the limit is $9000. The new regulation is on the way and all eyes are on that only.

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Cryptocurrency investor, software developer and talented musician, Larry Thrasher has been studying the blockchain industry since 2014 and has some great insights into the workings and functioning of technology.

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