The golden age adoption of bitcoin continues
Coming from a recent report, a casino that is located in Munich Germany has recently been installed which is now the first Bitcoin ATM that has been placed in the country. According to sources, the ATM was imported from Austria which is the neighboring country.
According to sources, the Bitcoin ATM machine installation was decided on a court ruling, that then lead to the implementation of the ATM. According to the report the German court declared that dealing in cryptocurrencies was not subjected to any mandatory licensing. It was reported that initially, businesses that wanted to set up a cryptocurrency business or activity, like setting up an exchange or installing a Bitcoin ATM would require permission from the countries financial regulatory person BaFin. Setting up such operations can lead to it being seen as a crime or a criminal offence. However, this all changed last month because of a report saying that the Berlin Kammergericht was overturned by authorities of BaFin in order to proceed with the implementation of these cryptocurrency ATMs.
The verdict from the Berlin Kammergericht led to the casino Monte24, this was in order to import and set up the Bitcoin ATM machines. The countries regulator has also mentioned some details regarding its this decision, wherein he stated that:
“We ‘Respectfully Acknowledge’ Court Decision due to the uncertain nature of the Kammergericht’s decision regarding the long-term ability of entities to operate the BTMs and other cryptocurrency exchange services, however, its future is already hard to estimate.”
The cryptocurrency industry has started growing in Germany
Unfortunately, Germany still has low cryptocurrency acceptance in the country, compared to the neighboring countries Austria and Switzerland but this has slowly been changing. Austria has a more lenient approach towards cryptocurrency related laws.
There were previous reports of people trying to operate a few Bitcoin ATMs (BTMs) in the country, but which were unsuccessful attempts towards these installations. This was mainly because of the type of laws that was governing the actions required. This new Bitcoin ATMs installation is then considered to be a great win for the German crypto community adoption, We can expect this to move on and continue developing over time.