Bitcoin Forum

We know that there seems to be an expanding market for bitcoin ATMs around the world (or so I thought!) because primarily it is very convenient for anyone to convert their bitcoin into real hard cash and maybe also to buy some bitcoin at the same time -- with ease and convenience incomparable which other means. 

However, while many might be rejoicing at the prospect of going to a bitcoin ATM to do some transactions, there are those in the authorities who are thinking otherwise...they are afraid that bitcoin ATMs can be utilized for money laundering -- the same big concern expressed against bitcoin itself and the whole of cryptocurrency.

Just recently, the mayor and other officials in Vancouver called for the ban of bitcoin ATMs (https://dcebrief.com/some-vancouver-officials-urging-ban-on-bitcoin-atms/) due to its unregulated nature of doing business but an attorney has a fair view on the matter: "Vancouver definitely has connections to, unfortunately, digital currencies being used for nefarious purposes. But on the other side, it also (includes) legitimate businesses where they’re trying to get regulations to operate more legitimately.”

In case you are given the chance to talk to the mayor and these other officials on the said matter, how would you convince them that their plan to ban bitcoin ATM is wrong?

there's some more discussion of this issue here: https://bitcointalk.org/index.php?topic=5151981.0

i can understand the frustration around regulating bitcoin ATMs. many of their KYC systems are easily gamed and some of them have no limits at all. hopefully vancouver will go the route of sensible regulation rather than an all-out ban.

There are always issue about bitcoin being used for money laundering and such, that is why there will always be something agains the growth and adaptation of crypto. I do hope regulations would be best rather than implementing a total ban.

This is the best solution to stop money laundering on cryptocurrencies but the government chose not to do this stuff I think.They cant find ways to get benefit from regulating bitcoin usage,they cant tax every transaction,would be meaningless if they push to regulate the usage of bitcoin so they chose not to and just ban the whole thing.

Bad days for Bitcoin or end game for Bitcoins. It will be better that people sell Bitcoins now but there are very few buyers for Bitcoins. Basically people will lose their money in Bitcoins

Vancouver needs to worry more about their homeless problems rather than bitcoin ATMs.... although I do understand the logic, the city is a haven for money laundering.   Not sure why they don't consider shutting down the casinos in town... as those are money laundering waterfalls compared to the dripping faucets of a few btc atms.

sounds like you have been trying to short bitcoin and losing money in the process. i have to warn you not to go against the market ever when it comes to bitcoin during its bull market because you will be defeated and lose a lot of money.

regulations would most likely will include information about yourself and probably a Valid ID and a lot of bitcoiners see this as
a hassle but I am sure there are people who will be okay with it since it could prevent money laundering and other illegal transactions.

I think that if there will be a good regulatory platform established by the government they can be able to tax ATM transactions because the ATM machine is not decentralized and there is a business entity behind such a machine. But then again, this depends on which matter weigh more on those in the positions...if they are really afraid of money laundering more than they are attracted to the tax opportunity then the ban can happen soon.

I think this is a better alternative, this would be beneficial to government since they can gather funds from it. However, I doubt if most people would like this since it will cost more to cash out via ATM. Well, this is better than being totally banned.

Banning bitcoin is similar to weed, everyone wants to ban it but no one knows exactly why. There are far worse drugs than weed that are legal just like far worse methods of laundering money that are legal and have existed forever.
Bitcoin ATMs are shit though, its almost never worth it unless you have a massive emergency, the fees are just insane most of the times.

That is a very valid question but I think I know the answer to that. They are not making any qualms about the casinos because the government and many people are making an avalanche of money with them. As for bitcoin ATMs well maybe they don't get anything of them for now but they can impose a tax for every transaction if they wanted to.

Lucky are those countries who have Bitcoin ATMs in their country. It's just frustrating and disappointing that they're banning it. Just like the banning of crypto in India, some countries are banning it because some people are using it in fraudulent and laundering. If only people know how to use it appropriately.

They are pointless at the moment, but this can change with time once the fees go down thanks to technological developments. It might take a decade before people start using Bitcoin ATMs a lot in my opinion.

For the love of God, India has not banned crypto. Its just a proposal and people are losing it thinking that it has already become the law. Do your research people. The proposal may not even pass at the end of the day.

You were the one who posted that banning of crypto in India is never impossible to happen because of big people who have proposed this law. Be consistent in what you believe in also.
Do your own research as well, I have never stated that the banning law has been passed.

The fees being insane is just because of how little use and competition there is. Most of the ATM's require quite an expensive initial investment, and the businesses behind them operate these to make profit, and not to provide a charitable service to people. What I think will be the end of the extremely high fees is when there is enough demand for these ATM's that businesses operating them compete with each other for users.

I think it's reasonable to think of the fees dropping to 1-2% eventually, while right now they vary from 5-10% which is a complete ripoff, that I agree on.

What technological developments? Im fairly sure the only reason fees are high is due to the volatility of bitcoin and unless that changes, fees will be just as high. Hint: not gonna change any time soon or ever

The only way that Bitcoin/Crypto ATMs can be used as money laundering when literally anyone can create their own crypto atm business without the authorities knowledge. If the crypto atm business is regulated and undergoes to the same procedure as what amy Canadian company goes then I don't think they need to worry at all about money laundering since they can monitor everything from that point. The local government might just be overthinking on this one, it would really be a bad thing to see that a crypto-friendly country will change their views at this point.

Converting your BTC to fiat online is much easier. Afterwards, you can withdraw paper cash via any normal ATM.

Nothing stops them from asking for KYC.

It seems like you guys have to think again about whom you are voting for lol. I'm not trying to promote crypto now but paper cash is also anonymous and people are also buying drugs and pay for illegal activities with it.

Indeed is more easy to cashout bitcoin online, but i think that is not good that bitcoin ATM are banned, is more easy for me to buy from ATM and also to sell to, but this is it, maybe if they will make a tax then will accept it again.

Might as well ban cash too if they have this opinion.  Its like people saying guns cause deaths when it is just people using something to do something criminal.  They are probably just looking to tax these machines heavily, its always about the money.

I'd just say we're living in a time of change.By change, I mean the massive use of cryptocurrency and decentralization.If we want Vancouver to develop and thrive, we need Bitcoin ATMs.

If bitcoin ATMs are already installed and in demand in Vancouver,why ban them?You can simply strengthen the regulation of this activity and all.Why complicate things?

Perhaps I'd tell them to research the current trends in bitcoin ATMs and implement more security measures before an operator can set one. If they were to ban bitcoin ATMs due to the reason that it can be used for money laundering and other nefarious doings, tell them that even legitimate banks are being used for the same purpose every single day and no one seemed to bat an eye with that. Honestly, banning a single channel wouldn't do so much to prevent the problem of money laundering, and no solution ever will. Heck, even stricter KYC methods won't get anywhere for a well-planned money laundering scheme.

Money laundering is endless, but why they only point to bitcoin, isn't there a lot of money laundering done through fiat. I think the policy of the mayor is to discriminate against bitcoiners, and it's true that the existence of bitcoin atm is a legitimate business.


That is, the foolishness of the government is that when some people make mistakes, others are affected and in fact by banning bitcoin, they still cannot counter money laundering, but the rules are more appropriate than the prohibition on this case.

Bitcoin ATMs will always be subject to people gaming their security measures because they're purposely kept low key to not bother people to the degree where they find it too much of a hassle to use them.

Don't forget that these ATMs still charge fees that most people here consider ridiculous. In order to compensate for the fees these ATMs are being set up to provide convenience.

Finding the right balance between security and convenience is what they are after, and this 'testing phase' has unfortunately lead to thieves exploiting the lack of security to double spend or game the verification system.

The life of an investor's crypto will become easier when crypto-currency ATMs and debit cards will be available in most countries. The solution is progressive and shows the willingness of the country's leadership to recognize new technologies. Although it is hard for me to believe that in Canada, a country where favorable conditions for blockchain startups can ban ATMs. I hope this rumors

We, as cryptocurrency buyers, are naturally interested in more convenient ways to exchange Fiat as ATMs. But the government is looking at cryptocurrencies from the other side, and so far it sees more opportunities for money laundering. Although new technologies simply show their promise, they are not the reason why there can be crime in the country. It is strange when two factors are tied together and an obstacle to the development of society is created

This is strange thing to do for country like Canada. Since they are not restrictive country I guess there is some reason for such idea. Still ban will not solve the issues whatever they are so they should find some alternative solution.

When you wonder where money laundering comes from, it means that you are just an honest person. I see prospects that cryptocurrency can give people. First of all, this is the financing option that the bank will never provide, since it is focused on large investors. And cryptocurrencies do not set limits on the amount of investment

Figuring it out this statement  gives reason for why the government wanted to do this thing, implementing tax could solve this and allow
the machine to continue, government always find ways to show how to rule inside the country's jurisdictions.

Cryptocurrency is a step towards improving your financial status. I am sure this does not need to spend years studying complex financial structures. Take for example the platform taklimakan, here I find both materials on learning crypto investing, and ways to plan and develop trading strategies. All in the public domain, which helped in the shortest possible time to understand the basics of cryptocurrency trading. If you pay attention to the continuous improvement of yourself, then you find ways to improve your financial status. And cryptocurrencies here are the assistant

The situation with Bitcoin banking in Canada makes you wonder how good conditions there are for investors. I understand the desire of the organs of order to prevent illegal actions. And the cryptocurrency industry has so far shown a large number of examples of fraud. But they also need to understand that by creating restrictions they harm the country's image as an attractive place for blockchain startups

Funny thing is the government of Canada is using blockchain technology, https://www.cms-connected.com/News-Archive/August-2018/Canada-Using-Blockchain-for-Transparency-of-Government-Contracts. But just like the rest of developed countries, they have crypto but they love the technology behind, how ironic.

banning bitcoin ATMs and generally speaking any actions similar to that has nothing to do with being against bitcoin as some people have been interpreting this news. it is mainly about wanting to prevent illegal activities such as money laundering through these ATM machines that don't have any mechanism to prevent that from happening.
i'd say that is a very good thing actually because it will prevent criminals from entering bitcoin and using it for their dirty money.

The government may just be planning a better approach on how they can make subjects like bitcoin ATM more safe from how it was before. Besides, i doubt it, they for sure want a piece of the pie. If it is regulated and permitted then there will be no reason for anyone on it not to tax.