Canada: Vancouver Mayor Suggests Ban on Bitcoin ATMs
- June 8, 2019
- Posted by: P2PEP
- Category: P2PEP NEWS
The city of Vancouver, Canada, is considering banning bitcoin automated teller machines due to money laundering issues.
The city of Vancouver, Canada, is considering banning bitcoin (BTC) automated teller machines (ATMs) due to money laundering issues, the Next Web reported on June 5.
The mayor of Vancouver, Kennedy Stewart, has reportedly suggested a complete ban on bitcoin ATMs in connection with the increasing number of money laundering cases. A police report cited by the Next Web claim that criminals could purchase a bitcoin ATM for their own needs for a few thousand dollars, and then deposit their cash into that ATM “as many times as required” to profit from or eliminate the transaction fees.
Authorities reportedly expect to receive 840 reports related to digital currency this year, which is three times the number of reported produced last year. While Vancouver and Richmond city councils have pushed for action, the province of British Columbia is going to hold a money laundering..