ATM Industry Association recommends added security for bitcoin ATMs

ATMIA has called on bitcoin ATM providers to work with the association to maintain the industry’s current high levels of consumer trust.

The call to action follows the publication of ATMI’s industry paper, outlining their position on the influx of bitcoin ATMs. The global association argues that the crypto-currency is not a threat to cash or established electronic payment methods, but recommends increased supervision and support of bitcoin ATMs to ensure that the risk of fraud, hacking attacks and money laundering is kept to a minimum.

ATMI believe Bitcoin ATMs must be integrated into the traditional ATM industry with its established governance framework and security best practices. New international security best practices for digital currencies could be produced jointly to reduce the risk of cyber-crime attacks.

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

“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.”

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