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ATMIA, EFTA release second study on Bitcoin, Bitcoin ATMs

May 5, 2014

The ATM Industry Association and the Electronic Funds Transfer Association, have jointly announced the release of a second commissioned research report on the crypto-currency, Bitcoin.  

The in-depth report, "Bitcoin: Virtual Currency with Real Opportunities," was prepared by Value Partners Management Consulting, who also author the industry's bi-annual Global ATM Benchmarking study.

"Virtual currencies are proving to be a new opportunity for ATM operators," said Francesco Burelli, a partner at Value Partners, the firm that conducted the research. "The ATM is an ideal touch-point channel between the not-so-intuitive crypto-currencies and the consumers who may want to leverage the new payment methods but may not be sufficiently technically savvy to liaise directly with exchanges and cryptographic wallets."

Bitcoin, which allows people to send and receive payments online within an entirely decentralized peer-to-peer network, has quickly become the most prominent form of digital currency in the world. And this has made Bitcoin something of a worry among central banks and regulating agencies.

"A virtual currency not bound by international borders poses a unique set of challenges to regulators," said Kurt Helwig, CEO and president of EFTA. "How those challenges are met globally may well determine the success or failure of this fascinating new payment technology."

Keeping ahead of the regulatory game is essential if the ATM industry wants to have a voice in the conversations and controls that are inevitable, said ATMIA CEO Mike Lee.

As industry associations liaising with regulators, ATMIA and EFTA are keen to develop industry positions on the current and future significance of Bitcoin. This excellent report presents a history and comprehensive international analysis of Bitcoin, while at the same time showing how virtual currencies and ATM systems can interface for their mutual benefit.

I think Bitcoin will still be standing, despite its ups and downs, in the medium term, perhaps even in the long-run.

The report is free to ATMIA and EFTA members and can be found on the organizations' websites. Non-members may purchase the report for a limited time at a discounted price of US$145.00 USD through May 31. (Regular price, US$195.00). 

The first Bitcoin report, "An introduction to Bitcoin ATMs," is also available for online purchase. It was written by Tremont Capital Group, a leading U.S. consulting firm specializing in the ATM industry.

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ATM Industry Association (ATMIA)

The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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