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- After UK, Austria and the US, Spain is the fifth in the world to offer cryptocurrencies ATMs
- The US has 23,259 ATMs in the country and stands first to offer
- Spain warned investors that investments in all types of cryptocurrencies are at high risk
Cryptocurrency has become popular in a short span of time. Despite its volatile nature, the crypto market is gaining momentum from investors the world over. The year 2021 saw an uproar in the adoption of cryptocurrencies in South America and other countries in Europe. El Salvador is the first country to have made bitcoin legal tender in the country from September 7.
The move has brought many changes to the economy and the daily dealings of the public. With this move, many companies and businesses will now be able to pay in bitcoin even for their daily transactions. They are also obliged to accept it as a form of payment.
Despite the adoption, there are only four ATMs in the country for Bitcoin and other cryptocurrencies. As per the data from the Coin ATM Radar, the US is the only country where the number of ATMs is more with 23,259 machines available to do transactions for any cryptocurrency.
In Europe, Spain has the third most cryptocurrency ATMs, with 150 behind the UK which has 159 ATMs and Austria consists of 156 ATMs. Spain is the fifth in the world to have cryptocurrency ATMs.
The total number of Bitcoin ATMs around the world has crossed the 8,000 mark as more and more machines are installed. They are now available in a total of 73 countries. As per Bitcoin ATM monitoring services, users can buy and sell various cryptocurrencies for cash. Some machines work only with flagship cryptocurrency. In some cases, users can only buy BTC and cannot sell.
High-risk investments
The bank of Spain has recently warned that investments in all types of cryptocurrencies, not just in Bitcoin are at high risk. Despite the warning, many Spaniards have taken advantage of the profits that have so far been made from buying and selling virtual currencies, which are relatively tax-free.
But this might change soon. The government and the Central Bank are concerned about the citizens and want to protect them from the main two problems pertaining to cryptocurrencies currently and that is terrorist financing and money laundering. The government also ensures that no tax evasion occurs.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
