In a recent report, the first Bitcoin ATM was established at a casino in Munich, Germany. ATM was said to have been imported from Germany’s neighbouring Austria.
Permission from the German court for the Bitcoin ATM
In the report, according to a recent ruling by the German court, the casino owner has made such an attempt, as there is no license requirement for the transaction made with the Krypto money.
In the beginning, those interested in a crypto money-related business or activity, such as setting up a crypto exchange or setting up Bitcoin ATMs, were told to seek permission from BaFin, the country’s financial planner. Without this permission, such an activity was considered a criminal offence.
As of last month, it was seen that the functioning of these activities has changed in Germany. So much so that the Berlin Supreme Court ruled that Bafin had failed to decide such matters, that bitcoin and other crypto money were not considered “money”.
The decision of the Berlin Supreme Court paved the way for the establishment of the Bitcoin ATM in the operation of the relevant workplace. Bafin, the country’s editor, also commented on the issue. The comment from BaFin was as follows::
We respect the court’s decision. In addition, due to the uncertainty of the Supreme Court’s decision to oversee Bitcoin ATMs and other Krypto money exchanges, the future is very difficult to predict.
Crypto money adoption is quite low in Germany
Compared to Austria, which has more tolerant laws about Krypto money, Germany has not yet made the necessary moves to ease the use of Krypto money at its borders. The country’s crypto laws are said to be somewhat lagging behind compared to neighbouring countries such as Austria and Switzerland. At first, various actions were taken to activate Bitcoin ATMs in the country. These initiatives, on the other hand, remained inconclusive because of the kind of law governing the action.
The first Bitcoin ATM in Germany can be regarded as a gain for the German crypto community. It will also be an example of Bitcoin ATMs that can be installed at new locations. But the law on these activities is clear. Therefore, the expansion of bitcoin and other crypto activities and how long this process will take remain uncertain.