Canadian Bitcoin ATM’s Could Be Banned If Mayor Has Way

Canadian BItcoin ATM's Banned?

The city of Vancouver, Canada, is considering banning bitcoin automated teller machines due to money laundering issues.

In a movement against the trend of Bitcoin ATM’s INCREASING in number, the city of Vancouver, Canada, is going against the grain and seriously considering banning bitcoin (BTC) automated teller machines (ATMs.) This is mostly due to apparent concerns relating to money laundering issues, the Next Web reported on June 5.

Kennedy Stewart MayorThe mayor of Vancouver, Kennedy Stewart, has apparently advocated a complete ban on bitcoin ATMs in connection with the intensifying number of money laundering cases.

A police review cited by the Next Web profess that crooks could acquire a bitcoin ATM for their own needs for a few thousand dollars, then afterwards deposit their funds into that ATM “as frequently as necessitated” to benefit from or get rid of the transaction fees.

Authorities reportedly expect to receive 840 reports linked to digital currency this year, which is 3 times the number of reported produced last year. While Vancouver and Richmond city councils have impelled for action, the district of British Columbia is planning to host a money laundering inquiry to examine further.

According to industry monitoring resource CoinATMRadar, there are 694 cryptocurrency ATMs in Canada, with 76 in Vancouver, at press time.

Vancouver Bitcoin ATMs

Last month, in Spain, 8 people were captured for allegedly laundering money by exchanging fiat currency to crypto assets. The men and women reportedly made use of cryptocurrency ATMs and split funds into lesser sums to introduce them into the financial system free from having the transactions revealed as unusual.

As reported in January, United States bitcoin ATM operator Coinme– the very first bitcoin ATM operator to accept a license in the U.S. in 2014– entered into a joint venture to sell bitcoin at coin counting kiosks owned by Coinstar.

So what are your thoughts? Is this a genuine risk, being dealt with effectively or just a little bit of people being scared of the unknown?

Crime and money laundering has been around a lot longer than crypto and yet as always, crypto seems to take the blame…

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