If law has a provision, there are people who know how to use it in their favor without actually breaking it. Similar is being done by Coinnet which is going to install its two-way Bitcoin exchange kiosk. However, this could not be considered a way to bypass the law as the authorities may take any time they want.
According to the sources associated with the plan the Bitcoin kiosk in all manners is going to be like Bitcoin ATM; however, as the Macau’s authorities have prohibited the use of ‘ATM’ or any expression that implies a credit institution service, the company has decided that it is going to call it ‘two-way Bitcoin exchange kiosk.’
The Business Daily reported that Coinnet, the provider of the virtual currency automatic machines, is trying to provide services to customers without breaking any laws or bylaws in Macau. Also, this is not an isolated case wherein Coinnet has tried to enter into market wherein the authorities have regressive opinion about Bitcoin and Bitcoin ATM.
One such fine example according to the company was when it entered into Hong Kong. It says that its strategy in Macau mimics that implemented in Hong Kong, where the Bitcoin kiosks were also denied the right to use terms like ATM or similar, contrary to the company’s experience in other jurisdictions such as the US.
Not Clear Which Currencies Can be exchanged
Though the plan is at the place, the Bitcoin kiosk provider has not yet finalized or revealed that which currencies can be exchanged in Macau in the future ‘ATM.’ However, the sources attached to the plan believe that patacas and Hong Kong dollars are the most likely. At the same time Yuan is also a higher probability.
Interestingly, Bitcoin ATM maker has left the decision to the operator who has the machine in its commercial space to choose the currencies it wants to serve. However, Coinnet has confirmed that the ATM will not be available in casinos in Macau. This definitely going to be the worst thing because casinos are the place wherein it is needed the most.
Earlier, the Monetary Authority in Macau had said that any commercial entities other than the authorized financial institutions were prohibited from using the words, expressions or any other terms having or implying the idea of operating the business of a credit institution, including ‘ATM.’’ However, as it will be two-way Bitcoin kiosks, it would be safe for the operators.
To contact the reporter of this story: Deepak Tiwari at email@example.com