Bitcoin ATMs are popping up everywhere, including Chico, California.
In crypto market latest news, during an Aug. 7 local government committee discussion, Andy Pickett, the chief administrative officer of Butte County, addressed ongoing efforts to regulate BTMs. With the introduction of BTMs or Bitcoin teller machines, officials are hoping a combination of state laws and local regulations will help to control the industry.
An October 2023 Californian legislative investigation revealed that some crypto ATMs charged premiums up to 33%, and some had limits of up to $50,000. Pickett explained that California has already taken steps to curb fraud by capping daily deposits at $1,000 and requiring receipts for all transactions. Moreover, Pickett emphasized that these are just the beginning.
A major new law set to take effect in 2025 will treat Bitcoin ATMs more like traditional banks. This means stricter rules and more oversight. However, Pickett warned that local governments will also need to get involved to ensure their communities are protected.
Chico, it turns out, is a Bitcoin ATM hotspot, with more machines than some entire countries. According to Coin ATM Radar, Chico currently has 347 active crypto ATMs, more than major economies like Hong Kong, Spain, Poland, and New Zealand. The United States hosts 82.6% of the global Bitcoin ATM network with 31,649 machines, followed by Canada with 7.7% (2,961 ATMs), and Australia with 3% (1,143 ATMs).
California alone houses 2,872 crypto ATMs across various jurisdictions. In July, 660 crypto ATMs were removed from the global network, marking the first decline in installations this year.
