13 December 2017
visit www.avoka.com

ATM Industry Association opens up to bitcoin

05 September 2014  |  6713 views  |  2 robocoin bitcoin atm

The ATM Industry Association has called on bitcoin ATM operators to join with it in promoting improved security and governance for virtual currency machines.

The call to action follows the publication of an ATMIA position paper on the crypto-currency which argues that bitcoin is not a threat to cash, or to established electronic payment methods.

However, the global association, which has over 5000 members in 65 countries, recommends increased support and supervision of bitcoin ATMs to ensure they abide by security best practices and maintain the industry's current high levels of consumer trust.

"We reach out our hand of friendship to bitcoin ATM operators," says Mike Lee, CEO of ATMIA, "and encourage them to come within the fold of our industry and its governance framework and best practices. With over 120 BitCoin ATMs already installed in a variety of countries, the time is right to integrate them upfront into an industry with a proven four decade long track-record of secure, convenient services to cardholders and consumers."

Specifically, ATMIA recommends a joint clarification of conditions for a "license to operate" for bitcoin ATMs as well as peer relationships between bitcoin operators and exchanges and the wider payments industry, including stakeholders in the ATM industry.

Simon Gentry, ATMIA's public affairs adviser in Europe, argues that by setting up accreditation programmes and co-operating on best practice security guidelines, the bitcoin community would go some way to assuaging the concerns of industry regulators about the risks associated with digital currency businesses.

"Bitcoin will help address some of the valid concerns that regulators and politicians have by being seen to be part of the established and proven governance structures provided by the ATMIA," he says.

Comments: (2)

A Finextra member
A Finextra member | 05 September, 2014, 07:44

This is a good step into the right direction. We can`t close our eyes and think bitcoin will have been disappeared when we open them again.

Personally I am a fan of bitcoin and it is amazing how fast this virtual currency gained importance in our industry. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 05 September, 2014, 15:15

Very good article. I think there is a lot to learn from the existing ATM industry but at the same time I am surprised to see that none of the existing ATM manufacturers jumps on the Bitcoin bandwagon. 

In some ways this reminds me of how the CCTV security industry was first ignoring the IPcam industry and Axis (IP cam maufacturer) was the laughing stock of the CCTV industry. Now, about a decade or so later they are market leaders in this field as every new CCTV network is running over IP networks. Will the ATM industry suffer the same fate? I don't think so but it pays to keep your eyes open as the entire banking industry might change within the next 10 to 15 years because blockchain based technologies will revolutionize the way we think about storing and transferring units of value.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Robocoin rebrands bitcoin ATMs as 'bank branches'

Robocoin rebrands bitcoin ATMs as 'bank branches'

02 May 2014  |  12131 views  |  1 comments | 6 tweets | 4 linkedin
HSBC man is first in line as bitcoin ATM racks up $10K on inaugural outing

HSBC man is first in line as bitcoin ATM racks up $10K on inaugural outing

31 October 2013  |  14281 views  |  0 comments | 13 tweets | 8 linkedin
First bitcoin ATM set to go live

First bitcoin ATM set to go live

28 October 2013  |  8394 views  |  5 comments | 17 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12133 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9316 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7914 views comments | 17 tweets | 35 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7330 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7165 views comments | 20 tweets | 11 linkedin

Featured job

Germany, Austria or Switzerland

Find your next job