Bitcoin ATMs in Vancouver To Be Banned?

[CryptoBry]

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 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?

[figmentofmyass]

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.

[Ailmand]

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.

[Astvile]

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.

[Leh-Meh]

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.

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

[Dapper]

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.

[Red-Apple]

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

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.

[acroman08]

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.

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.

[CryptoBry]

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.

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.

[Ailmand]

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.

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.

[XinXan]

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.

[CryptoBry]

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.

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.

[Genemind]

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.

[Haunebu]

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.

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.

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.

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.

[Genemind]

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.

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.

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.

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.

[1Referee]

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.

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.

[XinXan]

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.

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.

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.

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.

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

[Harlot]

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.

[Beerwizzard]

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. 

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

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.

Nothing stops them from asking for KYC.

Just recently, the mayor and other officials in Vancouver called for the ban of 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.”

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.

[Adriano2010]

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.