First Bitcoin ATM has been Installed in Germany

First Bitcoin ATM has been Installed in Germany

Bitcoin ATM

A recent report has it that Germany has witnessed its first Bitcoin ATM installation. The report made it known that this bitcoin ATM was installed by a casino which imported the machine from Austria. The name of the Munich casino which imported this Bitcoin ATM is Monte24.

The Bitcoin ATM is as a Result of a Recent Court Ruling

There have been many failed attempts at installing a bitcoin ATM by several businesses in the country. Fortunately a recent ruling by a German court— the Berlin Kammergericht changed that. The court ruling made it known that cryptocurrency is not money, therefore any dealings involving it is not subjected to any form of mandatory licensing. A casino in Munich has taken full advance of this ruling to see up its own bitcoin ATM.

A report has made it know that without a court ruling which relinquished the power BaFin— Germany’s financial regulator, has over the crypto industry, this action by the casino will constitute illegal activities and sanctions will the dealt out accordingly.
The country’s regulator has also made comments as regards this latest development.

The BaFin stated that :
“We ‘Respectfully Acknowledge’ Court DecisionDue to the uncertain nature of the Kammergericht’s decision regarding the long-term ability of entities to operate BTMs and other cryptocurrency exchange services, however, its future is already hard to estimate,”

However, a local news outlet in the country has expressed how skeptical it is about the ATM staying for long, as the BaFIN is likely to find other means of kicking the ATM out.

German Government is not so responsive to Crypto

It is a well know fact that Germany is dragging its feet when it comes to getting things done in relation to Cryptocurrency adoption. The government of the country has not provided a solid framework for how it wants the industry to operate amongst other things.

Compared to other neighboring countries like Austria and Switzerland, blockchain adoption in Germany is quite low.