Will We Ever Have a Bitcoins ATM?

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Mt. Gox Temporarily Suspends US Dollar Withdrawal
Mt. Gox Temporarily Suspends US Dollar Withdrawal

Though Bitcoins trading is being done unabatedly and it is widely accepted worldwide, there is still no likelihood that we will have a Bitcoins ATM. At the beginning of the year 2013, several professional tried to come up with such an ATM, but ended up confronting the Financial Crimes Enforcement Network, or FinCEN — the government agency which works against criminal activity and saves economies from peril.

FinCEN has published guidelines for Bitcoins and considers that Big Daddy views anyone operating a Bitcoins ATM as a money transmitter and for such a person there are a whole range of regulations and bylaws that have to be complied with. Thus, if someone wants to operate Bitcoins ATMs, he will need to comply with the regulations that Big Daddy has passed.

Too Complex

“It is too complex it seems,” says a Bitcoins trader based in New York. According to him Bitcoins’ path is full of stumbling blocks as the government itself is undermining it. Those who will try to produce a Bitcoins ATM will not only have to comply with state requirements, but also the Federal anti-money-laundering and anti-terrorism laws.

Many in government feel Bitcoins is threat tonational security, as according to them millions of dollars a day of drug cartel money can be laundered and transferred to terror organizations without any vigorous checks.

However, many optimists are not worried about all this, as for them even if there would not be any BitcoinsATM; there is no issue as long as Bitcoins are being widely accepted. They say they are able to buy products and services without any issue using Bitcoins,which is a highly advantageous situation.