According to a recent report by the Russian Association of Blockchain and Cryptocurrency (RABAC) and Nanobit company, there are currently 51 cryptocurrency Autimated Teller Machines (ATMs) in Russia.
Two months ago, before all ATMs installed by BBFpro company were confiscated by the Central Bank of Russia, this number was almost one-third higher. Back then, the regulator justified the confiscation by the need for establishing control over cashing operations and money transfers.
Moscow tops the list of Russia’s cities with the greatest number of cryptocurrency ATMs: there are 9 of them in the Russian capital. Omsk and Rostov-on-Don sport 5 each, followed by Voronezh (3) and Krasnoyarsk (3). Russian cryptocurrency ATM market is dominated by three companies, namely, RUSbit (47% market share), Investcoin24 (28% market share) and BTC-O-Matic (19% market share).
According to the analysts, there are several restrictions to the cryptocurrency ATM market growth in Russia:
• Rigid attitude towards cryptocurrency ATM-related transactions maintained by the Central Bank of Russia;
• High ATM price (between $3 000 and $13 000);
• Criminal factors: crypto ATM-associated theft and damage risks;
• Lack of cryptocurrency regulation.
IT Director at Nanobit Andrei Bedrin believes that the number of cryptocurrency ATMs in the country could double. However, this only will be possible if the draft law “On Digital Financial Assets” is adopted, the expert specifies.
The report reads that, by the end of 2018, the number of cryptocurrency ATMs worldwide has exceeded 4 000. Most of the machines are located in the U.S. and Europe. Russia is among the ten leading countries by the number of bitcoin ATMs.