The county of Chico, California, will adopt new state regulations and local ones to monitor Bitcoin ATMs, with the intent of reducing fraud and ensuring greater transparency in transactions.
Let’s see all the details below.
New regulations for Bitcoin ATMs in Chico, California
As anticipated, the city of Chico, in California, is preparing to adopt a series of new regulations to monitor and manage sportelli automatici Bitcoin, in collaboration with state legislation and local regulations.
During a meeting of the local government committee on August 7, Andy Pickett, administrative head of Butte County, outlined the current efforts to regulate Bitcoin (BTC) ATMs.
Pickett spoke about the recent state legislation aimed at reducing fraud associated with Bitcoin ATMs.
A legislative investigation in California conducted in October 2023 revealed that some crypto ATMs were charging fees up to 33%, with transaction limits that could reach 50,000 dollars.
In response, a bill has been approved that limits daily deposits to 1,000 dollars. Additionally, it requires the provision of receipts and the disclosure of the names of the operators for all transactions carried out through ATM crypto.
Pickett commented on the matter as follows:
“The greatest impact will be a bill that will come into effect in July 2025, regulating the use of Bitcoin ATMs by treating them more like banking institutions.”
He also emphasized the importance of regulating Bitcoin ATMs at the local level, suggesting that each jurisdiction should pass its own ordinance to regulate these machines, despite the possibility of legal challenges.
Towards a greater tightening on crypto ATM operators
According to Coin ATM Radar, Chico currently has 347 crypto ATMs, a number higher than that of many large economies, including Hong Kong, Spain, Poland, and New Zealand.
The United States hosts 82.6% of the global Bitcoin ATM network, with a total of 31,649 machines. Canada follows with 7.7% (2,961 ATMs) and Australia is third with 3% (1,143 ATMs). California alone hosts 2,872 of these devices.
In July, 660 crypto ATMs were removed from the global network, marking the first decline in Bitcoin ATM installations this year. This could indicate the beginning of regulatory tightening and greater supervision over crypto ATM operations.
Trump and the importance of Bitcoin for the economic future of the United States
During a live stream with the famous streamer Adin Ross, former President Donald Trump emphasized the crucial importance of Bitcoin and the cryptocurrency market for the economic future of the United States.
Trump has criticized the current administration for the decision to sell the country’s Bitcoin holdings, instead of integrating this cryptocurrency into the riserva nazionale.
He emphasized that ignoring Bitcoin at this point would prevent the United States from advancing in the field of digital assets, allowing instead competing countries like China to take the upper hand.
China has indeed already made great strides in cryptocurrencies and intelligenza artificiale, sectors that Trump considers of vital importance.
Trump has compared the importance of Bitcoin to that of artificial intelligence, stating:
“If we do not commit, China or other countries will, and we cannot afford to fall behind.”
He also praised the Bitcoin community, describing it as composed of intelligent and capable people, convinced of the advantageous potential of the cryptocurrency.
Trump’s plan involves transforming Bitcoin into a strategic reserve asset, using it to address the national debt of 35 trillion dollars. He proposes to accumulate Bitcoin and leverage its value increase to cover the United States’ debts.
Trump believes that Bitcoin, with its deflationary properties and the mathematical solidity of its code, represents a superior store of value compared to the US dollar, which is subject to inflationary devaluation.
By adopting Bitcoin as a national reserve, Trump believes that the United States can better protect itself from economic disasters and ensure greater financial stability.