Due to the increasing number of money laundering cases in Canada, the mayor of Vancouver has suggested that maybe its best if the city bans all of the Bitcoin ATMs (automated teller machines).
Mayor Kennedy Stewart mentioned that Bitcoin ATMs may be the catalysts of so many money laundering cases in Canada, and simply removing them from the equation will finally balance out the crime rates.
According to a police report, people can simply buy their very own Bitcoin ATMs for just a few thousand dollars. After the purchase, they can simply deposit and withdraw the cash as they desire, therefore avoiding the watchful eye of the financial authorities of Canada. This also helps them profit even more, because transaction fees are completely avoided.
After the investigation and data gathering activities, the authorities are expecting to receive more than 800 reports about digital currency mishandles, meaning that they will have two times as much paperwork and research to do than last year.
As Vancouver is already leading the way to a safer crypto environment in the country, British Columbia is falling behind a bit as it’s only now holding a money-laundering inquiry.
Currently, Canada is one of the biggest countries in the world in terms of crypto ATM density, housing nearly 700 spots with around 10% of it located in Vancouver.
Regardless of what the authorities decide, the regulatory framework is unlikely to change, but the ATMs could indeed receive some kind of ban in the future, or at least a restriction to only the most trustworthy companies being allowed to field them in the city.