With time, the interest of the people is constantly rising in cryptocurrencies. This is the reason why the number of automated teller machines (ATMs) offering cryptocurrency services is rising as well.
Russia is Growing Interested in Crypto ATMs
In recent months, Russia has grown extremely interested in cryptocurrencies, and most importantly, it is interested in cryptocurrency ATMs.
According to the report published by Kommersant, a Russian newspaper, the number of Bitcoin ATMs is constantly used in the country.
The report has shown that dozens of Bitcoin ATMs (BATMs) are currently operational throughout the country. It is quite surprising that the number of BATMs keeps rising in Russia despite the regulatory ambiguity.
The reporting firm has mentioned that the regulatory framework surrounding cryptocurrency ATMs is not very clear. This makes the expansion of the crypto ATM network in the country quite risky.
However, people are still adopting cryptocurrencies and are growing used to utilizing crypto ATMs.
Moscow is leading the ATM Race
As of now, there are multiple cities in Russia where cryptocurrency ATMs have been installed. However, Moscow is the leader with the highest number of crypto ATMs installed in Russia.
Rusbit has recently issued a report where it has claimed that in the running year alone, 14 new ‘cryptomats’ have been installed.
With the 14 new crypto ATMs installed, the total count of the crypto ATMs installed in the Russian Federation has risen to a high of 52 units.
Compared to its rivals such as the United States, Canada, and Europe, it is quite a small number of crypto ATMs. However, the reporting firm ‘Rusbit’ has predicted that the number of crypto ATMs would surge in 2023.
The report suggests that the level of interest is constantly rising in Russia in favor of cryptocurrency ATMs. If the level keeps rising, it would only be a matter of time before it competes with the largest crypto ATM hubs.
As of now, the United States and Canada have the largest number of crypto ATMs. Europe is also in the race but the number of ATMs it has is meager to the two largest hubs.
Functions of BATMs
Through Bitcoin ATMs, Russian locals are able to buy cryptocurrencies. They can perform the purchases using non-cash or cash payments.
The locals can either use a credit card/debit card or a digital money platform to add tokens to their cryptocurrency wallets.
Out of the total BATMs installed in Russia, only a few allow users to sell crypto for fiat. However, ATM machines do not allow Russian locals to withdraw funds.