Educational platform Crypto Head has recently published a ranking according to which the United States is the country most well-adapted to cryptocurrency. The USA currently possesses the largest number of cryptocurrency ATMs.
The report analyzed several factors which influence the cryptocurrency market throughout the world, including public interest, government legal position and digital currency ownership.
Another important element was the accessibility of bitcoin, dogecoin and other cryptocurrencies, along with the prevalence of Bitcoin ATMs – ATMs for cryptocurrencies.
The digital currency market boom led to the creation of a cryptocurrency-dedicated ATM network. A Bitcoin ATM is a physical device which allows people to purchase cryptocurrencies using cash or credit cards. Some of them are two-way, meaning that cryptocurrencies can be bought or sold. Such devices also permit the sale of digital currency for cash.
The United States received 7.3 out of 10 points in Crypto Head’s ranking, mainly due to its dense and developing Bitcoin ATM network. In 2021, there were 17,436 such devices in the US.
In second place is Canada, which has been declaring itself the first country to install a Bitcoin ATM. It currently has 1,464 ATMs, far fewer than the US but still far more that the UK (200 devices) which comes in at third. Poland is seventh in this ranking, with 112 ATMs, just behind Hong Kong and Switzerland.
One of the concerns associated with the rising network of Bitcoin ATMs is that they may be used to launder dirty money. This risk became increasingly clear during the pandemic, when trans-border deliveries between the US and Mexico were shut down and criminals began dealing with cryptocurrencies to transfer large sums of money across the border.
In Vancouver, money laundering through Bitcoin ATMs has led to discussions over banning them.
There are currently no regulations concerning Bitcoin ATMs in Poland. According to the Financial Supervision Authority, there are also no laws in the Polish legal system which forbid cryptocurrency ATM activity.
At the same time, companies which offer Bitcoin ATMs operate under anti-money laundering regulations.
