Bitcoin ATMs around the world continue to increase

Do you know the ATMs? Which counters do you withdraw money from using your credit card or debit card? Well, those counters when they dispense money, they do it by taking it directly from your bank account. But what if you don't have a bank account, but only a virtual wallet made of Bitcoin? Well, know that around the world the number of Bitcoin ATMs is increasing sharply.

In the world now, there are over 6 Bitcoin ATMs and as their spread increases in volume, even the tax authorities seem increasingly interested in these machines. In fact, the attention of the taxman is increasing every day. What interventions will be taken? Because sooner or later, we know that the taxman will also get his hands in this gold mine ...

Slow installations?

There is a Bitcoin ATM monitoring site (its name is Coin ATM Radar), and at the time of writing these lines, the ATM number is 6.003. A considerable number of branches in operation, if we consider that many people in the world don't even know what a Bitcoin is. The largest slice of Bitcoin ATMs can be found in the United States of America, which have 3.923 ATMs, while Canada follows with a little more than 700 ATMs.

Also from the same source, it says that only in November 2019, over 100 new devices were installed worldwide and the data collected on the Web, show that 9,3 Bitcoin ATMs are now installed every day. This will lead to a large number of branches by the end of next year, if the numbers do not even increase (as we believe it will happen).

It should be noted, however, that it is precisely this latter figure, the growth rate, which decreased in 2019 compared to previous years. Not only in absolute terms, but also in percentage terms. In fact, if we take 2017 as a comparison, we see that during those twelve months, 2.115 Bitcoin ATMs had been installed. The 2019 data, on the other hand, tell us a somewhat different story, because 1.982 branches have been installed to date, although it must be said that the year is not yet over.

What does the taxman think of all this?

But going back to the tax talk, from the pages of Bloomberg Tax we learn that the Internal Revenue Service, the top American tax authority, is working arm-in-arm with the local police to be able to prevent these ATMs from being used to promote illegal activities . The team focused primarily on branch tax issues.

As previously reported, the Internal Revenue Service has drawn up new guidelines in the last few months (somewhat confusing to tell the truth) for a crackdown on the fiscal policy relating to digital currencies. In the latest update, the American tax authority has let its citizens know that moving Bitcoin on exchanges abroad will not be used to evade tax controls.