Michigan’s most populous city and a well-known industrial city, Detroit is seeing a cryptocurrency-ATM invasion. Most areas of the city are witnessing installation of a bunch of crypto-based automated teller machines in gas stations, liquor stores and cash checking locations.
Although the residents of the region have dealt with a wild economy and suffered from financial hardships for many years, it did not stop the eventual influx of bitcoin ATMs. Detroit city now has more than 29 ATM machines.
According to the regional newspaper Detroit News, most of these machines are introduced in areas with a shortage of banking services and characterized by low-income housing systems such as Inkster, Taylor, Pontiac, Highland Park and Hamtramck.
The newspaper also reveals that there are 15 crypto-ATMs on the suburbs of Metro Detroit. Ayman Rida, an International Bitcoin company executive installed quite a number of machines in the Metro Detroit area.
In an interview with Rida, he said his company installed 15 ATMs in Detroit last year adding that most transactions ranges between $70 and $80. Rida stated that there was high growth of business in these areas last year.
Those championing cryptocurrency in the region believe that Detroit crypto ATMs will certainly help the underbanked individuals in the area. Nevertheless, authorities still believe there are actions which could be aiding money laundering and illegal activities.
Lawmakers have raised concerns about use of cryptocurrency but the business is still flourishing in Detroit. Local news outlet reported that 14 Detroit stores with bitcoin ATMs in the Metro area were contacted, but not even one owner was willing to make a statement.
Fanusie, the FDD researcher believe that money laundering is not a big issue especially for crypto-ATM owners in the city of Detroit. He emphasizes that that kind of money would fundamentally be noticed by federal regulators, but if you want to use them to pay buy illegal stuff or rather a local drug dealer, then maybe that’s where the issue starts.
Other than the bitcoin ATMs, there are larger Meet up groups in Michigan and Detroit as these region is a home to a few significant Bitcoiners. There are 988 members that congregate in Detroit as Michigan Bitcoiners Meetup and about 488 members of the Detroit Blockchainers Meetup holding weekly meetings in Metro Detroit. During these meetings, the attendees can trade cryptocurrencies with each other in person.