Re: Bitcoin ATMs should target developing and third world countries
Someone tried and got arrested in India - https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/
I don't know why that sad new on India happened but I think the ATM machine is against or violating some rules and regulations in India and maybe it is the cause of terminating that service and arresting the owner of it.blockmanity, I think the reason why this is not happening lies in the fact that in most economically underdeveloped countries there is simply no legal basis to start ATM business. If something is not legally regulated every attempt to work in this sector will end in failure, loss of investment and possible even with a prison sentence.
That is correct the legality issue is one of the reasons why the underdeveloped countries do not have this kind of ATM machines for Bitcoin and other forms of Crypto Currencies. It is true that most of crypto ATMs are located in USA&Canada (3200+), and Austria is in third place by number of ATMs (264). But Japan have only 10 of them, although they are crypto friendly country.
I think things will start to change slowly in favor of some other countries, but it depends how fast or slow their governments will work on regulations and laws regarding cryptocurrency.
The government's rules and regulation and jurisdiction is the key in here if they are open-minded about the technology of blockchain and Crypto Currencies they might create rules and regulations about it in a rush but some of the governments in the world do not like this kind of technology and these governments look at it as a threat to their economy and citizens.I think things will start to change slowly in favor of some other countries, but it depends how fast or slow their governments will work on regulations and laws regarding cryptocurrency.
A few weeks ago one of the top banks in our country released a Crypto ATM machine and it is the first in our country and they are planning to create more of it in the future.
