By Michael Scott
As the world gears toward crypto adoption, the Capital of Bosnia and Herzegovina has installed the first crypto ATM. The new crypto ATM would expedite crypto transactions within the region. A report from local media site Radio Sarajevo issued on February 7 confirmed that as the legislators continue working on the crypto regulation, the Capital of Bosnia started by establishing a Bitcoin ATM.
Why is Bosnia Delaying to Create Crypto Laws?
In 2021, legislators in Bosnia proposed implementing crypto regulation to cope with emerging economies. The legislators’ efforts failed to come to fruition exposing crypto entrepreneurs and customers to high risk on investment due to the complexity of making withdrawals.
A spokesperson from the Banking Agency lamented that unauthorized crypto transactions limited the expansion of the traditional financial system. The spokesperson challenged the central bank to intervene by controlling crypto activities in Bosnia.
Crypto ATMs Installations in Bosnia
Presently, regulators in Sarajevo engaged a Polish-based tech firm Shitcoins Club to assist in the installation of a crypto ATM in Bosnia. Before this, the tech company installed a Bitcoin ATM in Banja Luka.
The crypto ATM would enable crypto fans to trade their cryptocurrency, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and other digital assets.
According to Coin ATM Radar, the newly launched crypto ATM ranks third within the region after the Czech Republic-based developers General Bytes established an ATM in Gradiška.
Global Crypto ATM Installation
The number of crypto ATMs globally continues to increase due to the high demand for crypto-related activities. The US has the highest number of Bitcoin ATMs, followed by Canada.
Recently, the crypto-friendly county El Salvador ranked fourth with 215 Bitcoin ATMs after being outperformed by Australia. Nevertheless, El Salvador is setting pace for nationwide adoption of Bitcoin among its citizens.
Besides the 2022 sluggish crypto market, more than 4000 crypto ATMs were established globally.
According to Coin ATM Radar data, there were 38,405 ATMs at the beginning of this year. Before 2030, the crypto ATM installation is expected to increase by 61.7% and is estimated to be valued at $5.45B.
The increase in Bitcoin ATMs installation signals a positive sign for high crypto adoption worldwide.
Editorial credit: StreetVJ / Shutterstock.com