Bitcoin ATMs are now getting harder to own in Germany

[BrolySSJ 7899]

Germany has been making tremendous efforts lately in order to increase their legal overwatch, and one of these changes, is that bitcoin ATMs now require legal approval before they are able to operate. Therefore in order for a vendor to be able to offer an ATM service that is able to deal in these digital currencies, such as bitcoin, litecoin and so son, there needs to be approval from Germany's financial regulator, BaFin. The need for this license was released in a statement that was given on the 8th of September. 

 

In my opinion, such a venture may be hindering some German business owners who may like to employ bitcoin payments, however it could also be a huge step in the direction of legalizing crypto and making it a mainstream source of payment in Germany. What do you guys think? 

 

The link to the full article is below:

https://www.investing.com/news/cryptocurrency-news/owning-a-bitcoin-atm-is-about-to-get-a-lot-harder-in-germany-2290894

[magd 5231]

And France is also taking steps close to this that Germany is taking. Perhaps so far, this view is due to the fact that bitcoin may affect local currencies, but after the Corona crisis, the governments' opinions about Bitcoin may have changed.

[Irungu 4299]

I think this is a mile stone to try to regulate the crypto world and it seems to be a little bit difficult , but sometimes its always good to take the steps you can see, and I think every country should do so, when we can regulate this world we also would learn how to handle the crypto currency and avoid any unknown effects to the economy

[MuhammadSh 3067]

Most of governments wouldn't accept using bitcoin easily without benefiting from that! bitcoin and this cryptocurrencies world is really affecting on the financial international system allover the world! and they are just trying to keep their own financial system alive.. so let's wait what would they do in the near future when more governments and banks accept using bitcoin in their financial transactions..

[Raqeebzy 6456]

On 10.09.2020 at 09:35, BrolySSJ said:

In my opinion, such a venture may be hindering some German business owners who may like to employ bitcoin payments, however it could also be a huge step in the direction of legalizing crypto and making it a mainstream source of payment in Germany. What do you guys think? 

Different opinion. Every single country/region has its different financial regulations and policies, that will affect cryptocurrency too.

Once it isn't like a restriction to establishment and operation of Bitcoin ATMs, I see no problem in this. In fact, I see the positive side of the government trying to recognise bitcoin as a payment means and it is good for the global adoption.

[Nezar 7169]

These decisions will have an impact on the speed of implementation of projects related to cryptocurrencies, as they will become slower due to waiting for approval, and at the same time I think that this is a good hiatus and evidence that the state has begun to pay attention to the cryptocurrency

[Mike1515 2977]

Germany is one of those cautious countries, they can be good with this kind but if they smell something too fishy they will abort, and so for them to be careful then I dont blame them at all, any responsible country should do that and never thing otherwise

[Zaino34 0]

Governments always strive to fight everything related to encryption, but I do not think that this can affect the use of digital currencies, as there are many countries that do not have ATMs, yet they use encryption in various fields

[rekter 8129]

On 9/10/2020 at 11:35 AM, BrolySSJ said:

 one of these changes, is that bitcoin ATMs now require legal approval before they are able to operate.

They didn't before? In EU they are implementing KYC to every machine out there. My country was one of the first to do this. They are now kinda pointless if you want to get cash somewhat anonymously.

Edited September 11, 2020 by rekter

[Moaz 7239]

I believe that the countries of the world will not legally recognize cryptocurrencies until after controlling them and imposing taxes on users of cryptocurrencies, but according to my opinion in the future, bitcoin ATM will spread more in Germany and other countries in the world.

[benalmoh88 1500]

when i hear about the ATMs i be happy, because i see the cryptocurrency moving to the good in the world, i hope for all world countries to think seriously for using crypto currency.

[yonkii 3205]

I have seen bitcoin atm but never used one. I looked if someone was using it but noone was, while the banks have lines of people waiting to withdraw money and pay bills. This made me think that I should try and learn what this bitcoin is because if there are atm's around this mean things may change and the line from the bank maybe move in front of the bitcoin atm at some time. About Germany and all countries I hope they are not strict with their laws for bitcoin atm's because they might not help their people if they don't allow them.

Edited September 11, 2020 by yonkii

[Ridam 7455]

At least the government is allowing the Crypto Atms, it's really great. I'm sure the legal approvals is for going one step further for the regulation of taxes on the Crypto site.As most of the government are trying the same thing recently.

Nowadays I Feels that such regulations is not bad, as because of such things the process of Crypto adoption is becoming faster and others countries would definitely try to adopt such technology after being informed about it. 

[mahmud93 231]

I need know why bitcon ATM's become harder to have in Germany is government band the currency or must one got some urge amount of bitcon before got approved to own ATM

[Digital 387]

There are some countries that have ATM Bitcoin someone told me that an ATM bitcoin is in Nigeria and I was surprised a country in Africa with an ATM machine you can use it to make transaction and make exchange.

[Whited35 15285]

I see nothing bad here. If some companies want to start Bitcoin ATMs in Germany, they need a license from BaFin(Germany's financial regulator). It means they(Companies/financial institutions) should undergo to fulfill some strict criteria which may include high assets' security.I think ,Bitcoin ATMs will be providing even better and dependable services in Germany. 

[malik6314193 5449]

I think banks system of Germany will not accept such kind of adoptation of crypto currencies. If Atm of crypto are opratable then people will store their money in their own crypto wallets instead of banks account. 

[percare 3192]

Germany is always strict and when they have regulations these must be enforced so they will take down any company not behaving to their laws and bitcoin ATM companies must abide to the german law. They didn't ban the ATMs but ask these companies to follow the laws.

[Maaz sultan 265]

Everyone knows that now the most countries having bad financial situation i think therefore in germany bitcoins atma are harder to own .

[Omar Ommeish 4872]

I think this is an important matter that must be applied in all countries so that automatic exchange machines for cryptocurrencies do not spread randomly across the country.

[Cryptic 0]

I think it should be a must to undergo checking the ATM and have a licensed to operate so that we can avoid the fraud or any bad doings. Yeah it was great because we all know that Germany already treating cryptocurrency as fiat money. Their citizens could make a payment using it, so it is natural for them to check the ATM.

[cryptovlek 2597]

In total the bitcoin Atms are on the rise but this in germany is about stoppnig the atms that were not registered and the country allows bitcoin atms and is very crypto friendly country. We hope that they make good laws that promote the use of bitcoin soon and we can reach adoption in Europe like in the USA and in japan.

[Teminali69 1081]

By legal approval means higher taxes, LOL the government will never stop trolling the crypto world. But what matters is that they ca not defeat it.

[P A Ashif 2409]

There should be a agency or association who should control or check the crypto atm installment in the country. Because there can be positive effect or negative effect of it. So there is no harm in taking approval from Germany's financial regulator, BaFin. But this company should support this crypto Atm. They must not hold the request 

[safwan944 54]

Germany is playing a great role in legalizing the crypto all around the world if the government from allover the world unites in order to legalize the crypto then surely crypto will be the only currency to prevail in the world.