Why are there hardly any Bitcoin machines in Germany?

In many countries, many Bitcoin machines are being set up. Only in Germany has not been approved yet. Why is Germany so lagging behind?

In Austria, Switzerland and USA – Bitcoin machines are now available in many countries and new ones are being set up every day. Only in Germany, the so-called Bitcoin ATMs have not been approved yet. Why?

Missing approval

Since cryptocurrencies were classified as a unit of account in Germany seven years ago, they are subject to BaFin (German Federal Financial Supervisory Authority). This must grant a permit to set up Bitcoin machines nationwide.” We are already trying for about 19 months,” said Albert Sperl, marketing director of the Austrian Bitocin ATM operator Cointed, opposite the website “Cash”. It would be very difficult to get positive feedback from BaFin.

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Germany – “huge market” for ATMs

The interest would be great. Sperl further said that there is a huge market for crypto-ATMs in Germany. If the laws are relaxed and a permit issued, could be set up “immediately to the 800 ATMs in Germany”. Cointed GmbH is based in Tyrol and operates almost 60 crypto machines in Austria and other European countries. The startup offers two types of ATMS: one-way ATMs that only allow cash purchases from Bitcoin and two-way ATMs that allow you to exchange your Bitcoins for cash. In Germany, entrepreneurs could set up both types of crypto machines.

A total of 2,400 crypto machines worldwide

If you believe in the service industry Coinatmradar, there are a total of 2,400 cash machines for cryptocurrencies worldwide. These are mainly in Western countries such as Austria, Norway or Canada. The ATMs work much like normal ATMs. However, conversions are associated with relatively high fees. These can amount to an average of around eight percent. In addition, the amounts to be paid are subject to certain upper limits, crypto owners can only pay out a certain portion of the respective crypto value.

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Categories: Crypto Currency

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