15 May When will the world have many cryptocurrency ATMs?
According to the service “Coin ATM Radar”, currently there are about 2708 АТМs allowing exchanging cryptocurrencies worldwide. In total, they are serviced by 393 operators, while the terminals can be found in 66 countries. Of course, there are countries that don’t have any ATM, allowing the user to exchange any cryptocurrency. At that, we mean not the backward countries but some European states. However, it is indisputable that ATMs are a very comfortable instrument, allowing users to withdraw cash, exchange money and execute a number of other financial operations.
At that, we shouldn’t overlook the fact that not every owner of cryptocurrency knows how to use crypto exchanges and execute different transactions using this type of currency. Therefore, well-known ATM and credit card is a model familiar to everybody, as it’s difficult to find a modern civilized person who doesn’t know how to use ATM.
Speaking of a number of European countries (especially those of the former Soviet Union and the Soviet camp), this kind of business have rather cloudy prospects there. And yet, domestic users actively change, mine and buy the cryptocurrency. There are many local investors who want to invest in the digital assets. The only limitation is a lack of legislation, which would allow everybody to act within a legal framework.
Recently, it is often spoken about the emergence of the draft laws, which would permit to open the automated sale points of tokens and cryptocurrency on the territory of the above-mentioned countries (with a possibility of full de-anonymization of the client). However, this can cause conflicts with the other financial institutions of these countries.
It is therefore reasonable to conclude that many countries, which don’t have any cryptocurrency ATMs at the moment, will get no more than one – two such exchangers. At that, they will be considered as behind-the-scenes toys for the people who ignore the current financial legislation. It must also be borne in mind that there are no projections on how long these machines will exist.
Considering the current situations and all the above-mentioned perspectives, in many counties the owners of cryptocurrencies have to work in uncomfortable conditions. To date, they don’t have an opportunity to freely operate these means, as an infrastructure for their quick exchange, cashing and executing other operations has yet to be established.
The only consolation in this situation is that cryptocurrency isn’t popular enough (even in the developed countries) to be easily cashed in any ATM. You must admit that 2708 АТМs are not enough to speak about comfort. However, the development of this segment of financial market and exchange rate fluctuations attract a lot of attention to cryptocurrency, which is why it starts to “overgrow” with different services.
While just a few years ago only certain groups of people have heard about cryptocurrency, now the information support of this segment is more than sufficient. Any modern person, who uses Internet, watches TV and listens to the radio, knows at least something about cryptocurrency.
Therefore, in this matter we have to be patient and monitor developments. Perhaps, it wouldn’t be long before the first cryptocurrency ATMs will appear in our country.