The number of Bitcoin ATMs increase in Moscow, Russia 

• There has been rise of bitcoin ATMs in Russia’s capital as well as in the rest of the country 
• As per the reports there are over 30,000 Bitcoin Atms that are currently functional around the world 
• The capital of the country Moscoe has been in the lead in terms of installation of new Bitcoin ATMs 

Their has been rise of bitcoin ATMs in Russia’s capital as well as in the rest of the country according to the press report that was released this week . The data which was released in October by Coin Atm Radar which is a major cryptocurrency data compiling site there has been rise in the crypto ATMs this year .

According to the article of the Russian business daily Kommersant due to continuous growing interest in cryptocurrencies, the number of devices that are offering automated teller  service for digital assets is also increasing. Although people still are not completely aware about the regulations still there are Several dozen bitcoin ATMs that are now operating across the country.

And among this the capital of the country Moscow has been in the lead in terms of installation of new Bitcoin ATMs . As per the reports there has been 14 new ‘cryptomats’ that have appeared in the capital city this year and that bring the total across the  Russian Federation to 52 units.

The continuous increase in bitcoin ATMs have led to various worries and invitation for many frauds. And recalling about the incidence when the authorities from the central bank of russia , law enforcement seized 22 machines of Bbfpro back in 2018 The CEO of DeFi banking Indefibank, Sergey Mendeleev is worried that the new bitcoin ATMs may be seized by the authorities just like those that were operated by Bbfpro.

According to Roman Kaufman who is co-founder of Berezka DAO the demand for this types of service is there until it is difficult for the russians to buy coins when they need  to find peer to peer exchange, open account on english-language platforms and pass your customer (KYC) procedure.

Not only in Russia according to the reports there are over 30,000 Bitcoin ATMs that are currently functional around the world. And there are nearly 80 countries which are allowing crypto ATMs for exchanging cryptocurrencies with fiat money. And the number of bitcoin Atms have just doubled since january. There are two-way teller machines, where one can both buy as well as sell cryptocurrencies.

After Ukraine government ofiicial tweeted that the country would now be accepting international aid via cryptocurrency more than USD 100 million was reportedly raised this way. And if the reports are to believed, cryptocurrency is also serving as a safe heaven foe many ordinary Russian citizens who are trying hard to hang on to their saving inside a banking system that has numerous restrictions and vulnerabilities, as per the value od the ruble collapse.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.