28 Dec The Russian Prosecutors Issue A Warning On The Installation Of Bitcoin ATM’s
Bitcoin has been in the outrage over a couple of years and their traders are finding all possible ways to generate a high amount of revenue from those digital currencies. In this fast-track world of technology and innovation, withdrawing money has been made much easier with the help of ATM. With these devices installed at specific locations, users can get their desired money without any issue whatsoever. But, these things are now clearly seen in the case of Bitcoin too.
A Brief Report on the Bitcoin ATM’s Story in Russia
According to reports, Prosecutors in Russia has issued a warning against a local businessman. The cause was of installing two Bitcoin ATM, without any prior permission, from the Russian state. This work was altogether illegal as none of the things can be planted or built without a prior permission from the Russian state executives.
In a statement from Nov 16, the Prosecutors Office referenced digital currency counter which was installed in two locations in Kazan, which is the capital of Tatarstan.
This matter became a matter of debate and was shown by plenty of news channels in Russia. Also, the official investigation has been made a matter of hype even in the local reports. Although, the connection seems to be dull at this time. Several pieces of evidence proved this matter to be a lot more serious than before. Among the reports included a Nov. 3 article from Business Gazeta and a picture from the state-owned Media source TASS which was dated on Nov 5. With such evidence, the installation was done at a local grocery store in Kazan.
The reports gave rise to an audit of the Bitcoin ATM, which were reported to be installed by a firm which is located in the Russian state of Bashkortostan. Later after the installation, the given ATM was leased to an unnamed 34-year-old businessman. This move was quite smart by the respective firm which must have involved a steep planning to execute the work as per the defined plan and norms.
The Officials said in a translated statement:
“During the audit, the prosecutor’s office announced to the businessman an official warning about the inadmissibility of violation of the law. Simultaneously, the information was sent to the Office of the Federal Tax Service for the Republic of Tatarstan to conduct a check for possible violation of cash discipline and other violations of tax legislation, as well as the prosecutor’s office in Ufa[..] to assess the legality of the activities of the tenant.”
Further, the officials of the office in Tatarstan reported that the investigation is in the process and assured that the culprit firm will soon be under their radar and will summon a strict punishment for the same.
Adding into the factor of Bitcoin ATM’s, the Bitcoin mining device is also gaining much of the popularity in the global market as it is attracting users to invest their money and are giving fruitful benefits in the form of a higher revenue.
The investigation over the ATM is not a kind of a surprise because the authorities in other parts of the world have done such type of investigations in the past.