Bitcoin ATMs surge in Russia amid regulatory uncertainty

Bitcoin ATMs

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  • Bitcoin ATMs surge in Russia amid regulatory uncertainty
  • Demand for the ATMs is on the rise
  • Analysts bemoan regulatory scrutiny

The number of Bitcoin ATMs in Russia has undergone a massive surge over the last few months. According to reports, these ATMs keep increasing despite the unclear regulatory guidelines regarding digital assets. Despite this and many other factors, including a lower exchange rate than the rest of the market, the residents have continued to call for more Bitcoin ATMs to be positioned in other parts of the country.

The demand for Bitcoin ATMs is on the rise

Reports claim that Russia has also witnessed a massive surge in demand for digital assets in the last few months. With this, it is natural that these companies are setting up Bitcoin ATMs across the country. With regulatory oversight still not coming, one would think it would hamper their growth, but so far, the reverse has been the case.

According to the report, the city with the highest number of new Bitcoin ATMs installations in Moscow. The report claims that about 14 new machines were installed in the city, bringing the total in the country to around 52. Although the report claims that this number is relatively small compared to the present population, there is a huge anticipation of more to come before the end of next year.

Analysts bemoan regulatory scrutiny

Most Bitcoin ATMs enable users to purchase more than one digital asset using cash or cards. Once payment for the transaction is made, the user needs to submit a wallet where the bought digital asset will be forwarded. Some machines also allow traders to sell their digital assets in return for cash, but the reports claim that only a fraction of the ATMs in Russia allow that. The company producing the ATMs claims that its machines are sold for about $3,600, with the company taking 1% in turnover for maintaining the machine. It also claims that all its activities align with the regulatory requirements that the country floated last year.

However, legal analysts have claimed that Bitcoin ATMs are not passed but are in the gray area. The new law partially allowed digital and related assets to operate for the main time. Top parties in the country have also been concerned over what approach the government might take to tackle this recent influx of Bitcoin ATMs. In 2018, the Russian government seized more than 20 Bitcoin ATMs belonging to Bbfpro. Despite that threat, there are still demands across the country for ATMs.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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