Vancouver considering ban on Bitcoin ATMs, experts push back

05 Jun, 2019
by David Borman
Regulation
Vancouver considering ban on Bitcoin ATMs, experts push back

Recently, The Star reported that the city of Vancouver, in British Columbia, Canada, has been struggling with what to do about Bitcoin ATMs, with local police calling them an "ideal money laundering vehicle," and the mayor even suggesting an outright ban. Now, some experts feel tha instead of banning them, they should just be extended the same regulations and restrictions other financial services have.

Increasingly, law enforcement in Vancouver have been warning lawmakers that Bitcoin ATMs are being increasingly used to launder money and that it is only a matter of time before organized crime purchases one, if they haven't already.

Christine Duhaime, a Vancouver-based anti-money laundering lawyer had the following to say:

"Vancouver definitely has connections to, unfortunately, digital currencies being used for nefarious purposes. But on the other side, it also (includes) legitimate businesses where they’re trying to get regulations to operate more legitimately."

In a May 28th council meeting, Mayor Kennedy Stewart suggested banning the Bitcoin ATMs altogether. Apparently, the city's staff are looking more deeply into the matter and will report back. However some have already called for not a ban, but regulation.

In fact, in January the city council suggested a by-law that would regulate the crypto-atms just like regular ones. Most experts seem to be in agreement that regulation would be preferable to banning, but as of now no decision has been reached.

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Read more about: Bitcoin (BTC) Canada

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