Latest news with #ATMs
Crypto Insight
4 days ago
- Business
- Crypto Insight
Bitcoin's physical infrastructure is the industry's most overlooked asset
Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot A new proposal to install Bitcoin ATMs in federal buildings highlights an important question: Can crypto truly go mainstream without a stronger physical presence? For years, the industry has focused on software and decentralization, but its reluctance to invest in real-world infrastructure is starting to show. Without physical access points, crypto risks becoming an exclusive, insiders-only system, rather than the open alternative it sets out to be. Everyone loves to talk about decentralization. There's a good reason behind this. It defines the movement, shapes the technology, and supports the vision of a better financial system. While the industry focuses on code and algorithms, it lacks something basic. A decentralized system that exists only online is not genuinely decentralized. Physical infrastructure is the missing link Bitcoin's physical infrastructure is the missing link. Without tools like ATMs, kiosks and access points at traditional retail locations, crypto remains out of reach for millions. Decentralization is not just about removing intermediaries. True decentralization requires expanding access. Without real-world touchpoints, even the most advanced network becomes limited to a closed circle of insiders. For crypto to become mainstream, it must be easy to reach digitally and physically. That means showing up in places people already go and seamlessly integrating into people's lives. Many groups in the American population still rely on cash or don't have access to traditional banks. According to the latest Federal Deposit Insurance Corporation report, around 5.6 million American households don't have a bank or savings account. Bitcoin ATMs give these users access without needing an app, a bank account or a crash course in blockchain. Most crypto tools today assume a level of financial fluency and infrastructure that millions simply do not have. The result is a digital-only ecosystem that locks out newcomers and widens the divide between early adopters and everyone else. User-friendly screen in the right place Physical infrastructure helps address this issue. A Bitcoin ATM in a grocery store or gas station is not just a convenience but a bridge to financial inclusion. It is an invitation to someone who has never bought crypto, telling them they can participate. No bank, no broker, just a user-friendly screen in a familiar place. These machines also generate new economic activity. Local businesses benefit from increased foot traffic as the kiosks create passive revenue. For many communities, they provide access to a parallel financial system that was previously out of reach. This is a tangible example of crypto's real-world utility. It is already happening, and it is measurable. The crypto industry's blind spot The industry often treats physical infrastructure like an afterthought. The obsession with building new digital solutions has created a blind spot. Innovation without usability builds systems that serve the few but exclude the many. If someone can buy Bitcoin at the same place they buy their morning coffee, that is when crypto stops feeling like an obscure digital asset and starts becoming part of everyday life. As governments increase regulation, trusted and transparent interfaces will become more important. When operated within regulatory frameworks, Bitcoin ATMs offer a way to provide access between traditional finance and digital assets. They are familiar, easy to monitor and offer a more approachable entry point for the general public. Like any financial tool, Bitcoin ATMs have drawn scrutiny, particularly in cases where bad actors use them. Rather than dismissing the machines themselves, we should focus on investing in better oversight, stronger consumer education and smarter regulation. The overwhelming majority of people who use Bitcoin ATMs do so for legitimate reasons: to send remittances, to move money securely or to access digital assets without traditional banking barriers. Building trust does not mean avoiding or dismantling physical access, but improving it. The first time someone uses Bitcoin should not involve reading a white paper or navigating a tutorial. It should be as familiar as using an ATM or tapping a payment terminal. This is not an argument against innovation. Software and protocols will continue to evolve and play an important role. Physical infrastructure provides something those tools cannot: trust through presence. When people can see and use crypto in their neighborhood, at a store they already visit or in a format they already understand, it changes how they think about crypto and who it is for. According to Coin ATM Radar, there are over 30,000 Bitcoin ATMs in the US. It's a meaningful start, but still only a small step toward widespread access. Crypto's long-term success will depend not just on innovation but also on inclusion. That means building more than networks; it means building presence. When people can interact with crypto in the physical world, it stops being abstract and becomes usable. That is how digital finance becomes everyday finance. Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot. Source:
Euronews
6 days ago
- Business
- Euronews
EU countries frustrated by Commission's delay on Ukraine trade deal
With an existing temporary trade agreement between the EU and Ukraine set to expire on 5 June, member states have registered discontent with the European Commission's inconclusive negotiation of a future arrangement with the war-torn state. Tensions surfaced during a closed-door session of the EU's monthly gathering of agriculture ministers in Brussels on Monday, during which member states' representatives expressed frustration with the Commission for its failure to clinch a deal with Ukraine, despite having had ample time to do so, two people familiar with the meeting told Euronews. Several ministers said they were unhappy that a stabler and permanent agreement with Ukraine was not reached, according to one of the people. Others emphasised that finding a long-term solution for trade liberalisation with Ukraine should have been a priority for the Commission, which holds exclusive competence for negotiating trade deals, another person said. Currently, trade between the EU and Ukraine is governed by Autonomous Trade Measures (ATMs), which temporarily suspend all tariffs and quotas on Ukrainian agricultural exports. These measures were introduced in response to Russia's full-scale invasion in 2022. However, the ATM scheme is set to expire next week and cannot be renewed again, having already been extended once. With its expiry looming, the Commission has been working unsuccessfully since late 2024 to establish a formal replacement. 'It's no secret that talks between the Commission and Ukraine are underway. Let's say they are still at an initial stage,' Polish agriculture minister, Czesław Siekierski, who currently holds the chairmanship of the EU Agrifish Council, acknowledged during a subsequent press conference. To bridge the gap left by the stalled trade talks, the Commission has prepared transitional arrangements that will apply until a review of the EU-Ukraine Deep and Comprehensive Free Trade Area (DCFTA) is completed and a revised deal is ready. These interim measures were approved last week as a precaution by EU ambassadors. Siekierski noted that the new measures, which replicate the terms of Ukraine's pre-war association agreement with the EU, are 'much less definite' than the ATM scheme regarding limits on Ukrainian agricultural imports. In the meeting, the Commission reiterated its intention to move away from temporary solutions and establish a more stable trading framework. 'Farmers and stakeholders on both sides need predictability to plan ahead,' EU agriculture Commissioner Christophe Hansen told ministers, according to briefing notes shared by Commission spokespersons. Hansen added that the Commission is in active contact with Ukrainian officials to swiftly reach a balanced agreement that reflects the interests of both sides. Agriculture remains the most sensitive issue. The ATM arrangement has triggered backlash in several EU countries, particularly in France and Poland, where farmers have protested against the surge in Ukrainian imports since trade barriers were lifted. On this point, the Commissioner reassured ministers that the transitional measures do not introduce new quotas or increase allowed import volumes for Ukrainian products. The meeting began with an address from Vitalii Koval, Ukraine's minister of agrarian policy and food, who urged the EU to swiftly agree on a new free trade mechanism and find a balanced solution 'based on numbers', according to an EU source. Koval reminded EU ministers that Ukraine is fighting to uphold European values and highlighted the recent toll of three consecutive nights of Russian attacks, which have severely strained the country's infrastructure. In his presentation, Koval underlined how critical the agricultural sector is to Ukraine. The EU source noted that Ukraine's agriculture is seven times more significant to the economy of Ukraine than any EU country, with one in five Ukrainians employed in the sector. Koval also cited a 20.5% drop in available farmland due to occupation, and referenced World Bank figures showing Ukraine has suffered €83.9 billion in agricultural damages and losses due to the war. While the Commission's current position is to reduce the market access levels previously allowed under the ATMs, Ukraine hopes to retain the same degree of access to the EU market. Koval pointed out that 66% of Ukraine's imports come from the EU and argued that if Ukraine were an EU member state, it would rank ninth in terms of agricultural exports within the bloc. He also said he has been holding talks with EU farmers' associations to address concerns about the high volume of Ukrainian imports, as part of Ukraine's push to secure a future agreement with the Commission. Hundreds of farmers descended on Paris on Monday, bringing their tractors - and their frustration - straight to the gates of the French National Assembly. Their goal was to support a divisive piece of legislation tabled by far-right MP Laurent Duplomb. The Duplomb agricultural bill promises to ease what many in the agricultural field see as suffocating administrative constraints. It would make it easier to obtain construction permits for livestock facilities and water reservoirs, and re-authorise the temporary use of certain pesticides such as acetamiprid; a neonicotinoid insecticide banned in France since 2018. While still allowed in other European Union countries, acetamiprid has raised alarms among environmentalists and beekeepers due to its impact on pollinators and potential health risks for humans. The bill was scheduled for debate, followed by a vote in the lower house of parliament on Monday. But opposition lawmakers, mostly from the green and left-wing parties, submitted around 3,500 amendments in an attempt to delay proceedings. With debate threatened by legislative gridlock, centrist, conservative, and far-right lawmakers passed a motion to dismiss debating the bill in parliament. The proposal now moves to a joint committee of seven senators and seven members of parliament (MPs) - most of them supportive of the farmers' demands. The committee will have to agree on a common version that will then be subjected to a final vote by MPs - this time, without the possibility of any amendments. The move has infuriated the left, which has announced plans to file a no-confidence motion against the government in response. For many of the farmers present at the protest, this bill represents a chance to ease mounting pressures, both economic and regulatory. Clément Patoir, a 19-year-old grain farmer, described how bureaucratic red tape is driving young people away from the craft. "There are fewer young people who want to become farmers nowadays. Many children of farmers have to constantly hear about their parents struggling with regulations. It is a complicated job, you work long hours, and you're not necessarily rewarded." "The majority of French farmers are trying to survive. What we all want is to live and not survive. So, fewer constraints and simplification would be much appreciated," Patoir told Euronews. Another young sugar beet farmer, Pierrick, said that the bill is about maintaining production levels. The acetamiprid pesticide is considered essential by many sugar beet and hazelnut producers. "Today, all the methods of production to produce as much as we can are gradually being taken away from us. In addition, we always have administrative constraints that add to our workload ... But to maintain the levels of production that we have, no, there is no alternative today that works," he explained. Supporters of the bill argue that easing restrictions will be critical to avoiding reliance on imports and keeping France's agricultural sector competitive. But environmentalists and left-wing lawmakers see the bill as dangerous. Among those gathered in Paris to oppose it was Gabriel Bertein, a left-wing mayor, who warned of long-term damage to biodiversity and soil health. "If this kind of bill does pass, this will be a sign we are going backwards. We open the doors to more use of pesticide products that we know are dangerous to life," he told Euronews while being heckled by a group of farmers. He added that state funding should shift toward more sustainable farming practices. "We must stop helping and subsidising a type of intensive agriculture that is not going in the right direction. There is an urgent need to change direction, to focus on these topics." Demonstrations are also planned in Brussels next week, targeting the EU's environmental rules and green policy agenda.
ABC News
23-05-2025
- ABC News
ATM skimming still happens - but the future of cybercrime is changing
In New South Wales, two men have been charged with stealing hundreds of thousands of dollars through an ATM card skimming scheme. It's a type of scheme that's been around for a while - but with more of us ditching physical bank cards and cash for digital payment methods, what new vulnerabilities could criminals exploit? Professor at the Queensland University of Technology's School of Justice, Dr Cassandra Cross spoke with ABC NewsRadio's Rachel Hayter.
Daily Mail
20-05-2025
- Business
- Daily Mail
Major Aussie bank to cull 1500 jobs after slashing the number of bank branches and ATMs across the country as part of it's ‘cashless society' push
Westpac will slash 1500 jobs within the next few months as the banking giant ramps up its push towards digital technology. It's set to become than bank's biggest redundancy round in a decade- just months after 900 full-time jobs were axed. Chief executive Michael Miller has asked managers to consider how they slash their teams by five per cent within the next few months, sources told the Australian Financial Review. The bank confirmed redundancies are being considered but was tight-lipped on the final figure. 'While we continue to invest in extra bankers and customer-facing roles, other programs and initiatives may need fewer resources, a spokesman told the publication. 'This means, from time to time, we make changes that may impact some roles and responsibilities. As the skills and capabilities required in banking continue to evolve, so will our workforce. It comes after Westpac shut down many ATMS and branches across the country. The number of bank-owned branches and bank-owned ATMs has dropped by more than half in the last seven years, falling from 19,508 to 8,836 as of June 30, 2024, with Westpac and Commonwealth Bank among the key players in this reduction. More to come.
Irish Times
13-05-2025
- Business
- Irish Times
Banks obliged to retain ATMs under legislation passed by Seanad
Legislation to oblige banks to provide ATMs in certain areas, guaranteeing access to cash infrastructure, particularly in rural areas, has been passed by the Seanad and now goes to the President for consideration. The Finance (Provision of Access to Cash Infrastructure) Bill was introduced in the wake of concerns that increasing numbers of ATMs were being removed following a decline in cash usage. Passed last month by the Dáil, the legislation aims to protect the role of cash in Irish society and in the economy in the future. The Bill was published last year by then minister for finance Michael McGrath, who said that 'in the absence of a legislative intervention, it is likely that over time we would see more and more ATMs removed from communities across the country and I do not want to see this happen'. The Bill gives the Central Bank powers to address issues affecting those accessing cash, including oversight to ensure ATMs are properly maintained and that the 'out of service' experience of consumers is kept to a minimum. READ MORE The legislation was prompted by a recommendation made by the Department of Finance's Retail Banking Review, published in November 2022, which highlighted the importance of cash to ensure people did not suffer financial exclusion. The review stated that cash is needed as a safety blanket in case of power outages in electronic payment or cyberattacks. [ Letter to the Editor: The dangers of a cashless society Opens in new window ] The Bill requires a set minimum number of ATMs per 100,000 people and imposes certain obligations on the three main banks. Fine Gael Senator Seán Kyne said Storm Éowyn demonstrated that cash was 'absolutely vital' when 'the system shut down and shops didn't have access to the till'. His party colleague, Senator Cathal Byrne, said 'ATMs should be modernised 'and move with the times' to allow people to withdraw cash through contactless with Apple Pay and Google. He also said that ATMs should all have the facility to allow for lodgements as well, as businesses did not want to keep cash on their premises overnight. Aontú Senator Sarah O'Reilly said 'that for some, particularly older people, cash is simply what they know and trust. [ Keep accepting cash payments, Michael McGrath tells public bodies Opens in new window ] 'For others working on irregular incomes, cash provides a tangible way to manage budgets, and for victims of domestic violence, having access to and control over cash can be a crucial lifeline to autonomy and safety.' Minister of State Seán Canney told Senators that as of December 2022, there were 4,218 ATMs in operation in a 'good spread' across the country. He said the objectives of the Bill is 'to ensure sufficient and effective access to cash' and to 'provide a framework to manage future changes in cash infrastructure in a fair equitable and transparent manner'. He pointed out that a review would be undertaken if there was more than 15 per cent drop in cash demand in a calendar year. Central Bank data showed that cash withdrawals declined by 9.69 per cent from June 2023 to 2024.
