The City Of Vancouver In Canada is Considering A Ban Over Bitcoin ATMs

As per the recent news, the city of Vancouver In Canada is possibly considering a ban over the Bitcoin (BTC) automated teller machine, with a reason for having money laundering issue as reported by the Next Web on 5th of June.

The major of Vancouver Kennedy Stewart suggested a complete ban over the Bitcoin ATMs cause he considered it of having connections with the increasing money laundering cases.

The Higher Authorities reportedly expect to receive about 840 reportings related to cryptocurrency in the ongoing year and surprisingly these are about three times more than the reporting made in the previous year.

As for now Vancouver together with Richmond City Councils, has pushed over the action, and the province of British Columbia is proceeding further to hold the money laundering inquiry so as to investigate the case to a further extent.

As per the industry monitoring resource CoinATMRadar, there are in total 694 Cryptocurrency ATMs in Canada with 76 Vancouver, at press time.

Looking into the seriousness of this matter, Last month in Spain eight people were arrested for allegedly laundering money by exchanging Fiat Currency to crypto assets.

The individuals reportedly used the Bitcoin ATMs and used to spilled the funds into smaller sums and then Introduce them into the financial system so as to avoid any transactions being reported as suspicious.