coinculture.com
According to Coin ATM Radar, the number of Bitcoin ATMs in Australia have neared the 1,200 mark, rose by over 20% since April 24 this year and is a far cry from the 73 ATMs two years ago.
Australia is now the third country in the world in terms of Bitcoin ATMs, following the United States and Canada.
The US-based company Bitcoin Depot is preparing to install over 200 additional ATMs in Australia pending regulatory approval.
Bitcoin ATMs allow users to convert cash into cryptocurrency, which can then be stored in a digital wallet or converted back into cash. While proponents argue that these machines allow better access to crypto and help to improve financial inclusion, critics are concerned about the potential for money laundering and scams. The UK and Singapore have banned crypto ATMs, and Germany plans to implement regulations on their use.
Bank Restrictions Drive Crypto Demand
The rising demand for Bitcoin ATMs in Australia has been largely driven by North American providers, as local banks tighten restrictions on digital-asset exchanges. Angela Ang, a senior policy advisor at TRM Labs, notes that Australian regulators view these ATMs as a potential money-laundering risk. Australian local police have described how criminal proceeds could be laundered into digital assets through an ATM and then become effectively untraceable.
Despite these concerns, the demand for alternative financial options continues to grow in Australia.