Debit card ATM network in the US now selling crypto

Hundreds of thousands of US residents just got access to cryptocurrencies, right at their fingertips. According to an press release by cryptocurrency company LibertyX, the firm has entered into a partnership with Genmega, a fiat ATM supplier in the US, to facilitate crypto purchases using debit cards directly through the ATMs. It’s the first time in the US that such an initiative has been undertaken.

Genmega currently has around 100,000 ATMs spread out across the country. With a simple software upgrade, the machines can now be configured with an option that allows a user to purchase Bitcoin Core (BTC) directly from the ATM and have the currency sent immediately to the user’s cryptocurrency wallet.

The move will be an important advance for cryptocurrency adoption, giving easy access to digital currency to both veterans and new enthusiasts. It will also help provide an additional revenue stream for the ATM operators. According to Wes Dunn, Genmega’s Senior VP, “ATM operators are always looking for ways to grow volume and transactions. We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators ‒ ensuring they stay ahead of the market and bring added value to consumers.”

Virtually everyone knows how to operate an ATM. The LibertyX cryptocurrency interface will make BTC purchases as simple as making a cash withdrawal. Chris Yim, LibertyX co-founder and CEO, said that this was the goal all along. He explained, “We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”

The inclusion of cryptocurrencies in traditional cash ATMs is a huge step forward for the cryptocurrency space. Not only does it show that crypto is gaining in popularity, but it indicates the ease with which businesses can begin to interact with digital currency. Following on the success of the crypto integration into ATMs, the next logical step would be to have more point-of-sale systems and retail money outlets embrace the future, as well.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Belgium, Netherlands see increasing number of crypto ATMs: study

Cryptocurrency ATMs are gaining global recognition and acceptance, with Belgium and the Netherlands also opening their arms to the crypto teller devices. Data released by Statista showed that as of August, Amsterdam is leading the race with about 12 crypto ATMs installed, while Luxembourg is lagging behind despite it being a global center of traditional finances.

Belgium has also seen a rise in crypto teller machines. As of August, Antwerp, the second most populous metro area in Belgium, has 3 crypto ATMs. The Belgian capital of Brussels and Rotterdam have two devices each. Crypto enthusiasts can purchase Bitcoin Cash (BCH), as well as BTC, ETH or LTC, using one of the machines in Brussels. Other crypto ATMs are spread across Belgian cities like Antwerp, Sint-Truiden, Ghent, and Hasselt.

The Statista study also revealed that residents in the Benelux region own less cryptocurrency as compared to other regions in Europe, noting that most of the investors in cryptocurrencies from the area are Dutch investors. According to Statista, an estimated 44,000 crypto transactions took place in the Netherlands in the first three quarters of 2017.

It’s worth noting, however, that the Statista report did not include Luxembourg, which appears not to be keen on installing the crypto teller devices. A study conducted earlier this year revealed that 92% of Luxembourg’s residents claimed they did not possess any cryptocurrency, while 6% said they had BTC, and 2% admitted they owned BCH, ETH, or XRP. Information about cryptocurrency teller machines in Luxembourg is also unavailable on the Coinatmradar database.

Belgium has been actively warning its residents against crypto scams, on the heels of the Dutch central bank’s declaration that it does not consider digital currencies to be an alternative to fiat. Regulators in the Netherlands have also stated that some crypto companies might require a license to operate in the country.

In comparison, Luxembourg has yet to decide whether it wants to fully become a crypto-friendly jurisdiction. Currently, the country is offering a licensing regime allowing companies like Bitstamp, Bitflyer and Revolut to operate across Europe.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Police crack down on crypto ATMs across Russia

Cryptocurrency and blockchain technology have been making steady advancements into the mainstream market in many countries around the world, but apparently, this was not the case in Russia. According to local media reports, Russian police have seized no less than 22 automated teller machines (ATMs) selling cryptocurrency in several cities in Russia last week. Operated by the Bbfpro company, the machines were located in shopping malls, restaurants and stores in nine different Russian cities, Russian news outlet RBC reported, quoting Digital Rights Center lawyer Sarkis Darbinyan. In a separate interview with Russian media outlets, Bbfpro manager Artem Bedarev claimed there was no notice from the Russian authorities prior to the crackdown, noting that the investigation would continue for at least another six months. The machines would not be returned to Bbfpro while the investigation is ongoing. The operation was ordered by the Prosecutor’s General Office, acting on a request from the Central Bank of Russia (CBR), a government agent told local media outlets. A CBR officer, who declined to comment on the crypto ATM seizures, noted that the government agency conducts “systematic work to identify and counteract illegal activities in the financial market,” particularly since there is a high chance that uncontrolled cross-border fund transfers and cash outs involving cryptocurrencies can happen. Darbinyan, however, pointed out that the Russian Federation’s current laws do not prohibit citizens from acquiring cryptocurrencies. Bbfpro, for its part, has been observing all legal procedures, paying its taxes, and verifying the identity of its customers even without prompt from the government. Bbfpro plans to appeal the seizure operation, according to the lawyer. On its website, Bbfpro said its machines support purchases of cryptocurrencies like BTC. The company works with crypto exchange Exmo, offering technical support for the ATMs. According to Bbfpro, installing one terminal costs 155,000 rubles ($2,300). It charges 1 percent on the registered turnover, which is considerably less than other crypto ATMs in other countries. For example in Malta, ATM operators charge no less than 8% on each transaction.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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