Which countries have the most cryptocurrency ATMs?
Crypto Head, a crypto education platform, recently released a ranking that showed the United States to be the most "crypto-ready" country in the world. The study looked into a number of factors that influence cryptocurrencies around the world, including public interest, government legal stances, and digital currency ownership.
Another key factor was the availability of Bitcoin, Dogecoin, and other cryptocurrencies, particularly the presence of crypto ATMs. That's correct, the digital currency explosion has spawned its own ATM network, which may come as a surprise.
A cryptocurrency ATM is a physical device that enables users to purchase cryptocurrencies using cash and a debit or credit card. Some are bidirectional, allowing for the purchase and sale of digital currencies in exchange for cash.
The United States received a 7.3 out of ten in the Crypto Head ranking, because to its extensive and expanding crypto ATM network. In 2021, there were 17,436 crypto ATMs around the country, which pales in comparison to the 470,000 or so conventional ATMs documented in the United States in 2018.
It is still much ahead of second-placed Canada, which has the world's first crypto ATM. Canada has 1,464 cryptocurrency ATMs, whereas the United Kingdom has 200. The increasing network of crypto ATMs has raised concerns that they could be used for money laundering.
When cross-border shipments between the United States and Mexico were halted during the pandemic, this became increasingly evident. Criminals turned to cryptocurrency to move significant sums of money across the border. Despite the lack of concrete figures on this behaviour, authorities are treating the matter seriously.
In the city of Vancouver, sight of the first cryptocurrency ATM machine, discussions about banning them have been taking place directly due to money laundering concerns.
