Base on a recent report, a casino in Munich, Germany has installed the first Bitcoin ATM in the country. The ATM was said to be imported from a neighbouring country, Austria.
German Court Ruling Led to Bitcoin ATM
The report made it known that a recent ruling by a German court declared that dealing in cryptocurrency is not subjected to mandatory licensing has prompted the action of the casino owner. It was reported that initially, those who are interested in setting up a Cryptocurrency business or activities, such as setting up an exchange or installing Bitcoin ATMs are required to get permission from the country’s financial regulator, BaFin. Without this permission, operating such a business is a punishable offence. Last month, this changed. It was reported that the Berlin Kammergericht overturned the authority of BaFin to decide such matters, deciding Bitcoin and cryptocurrency was not “money.”
This judgement from the Berlin Kammergericht led to the casino— Monte24 to import and set up its own bitcoin ATM.
The country’s regulator has also made comments as regards it.
BaFin 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 BTMs and other cryptocurrency exchange services, however, its future is already hard to estimate,”
Germany has Low Crypto Acceptance
Compared to Austria which has more lenient cryptocurrency related laws, Germany has not made necessary moves towards easing the use of cryptocurrency within its borders. The country’s crypto laws are often said to be backwards when compared to its neighbouring countries such as Austria and Switzerland
Previously, there have been several attempts to operate BTMs in the country, which never actualize mainly due to the type of law governing the action.
This installation is therefore considered a win for the German crypto community, although no one knows how long it will last.