New Zealand has made the bold move of banning cryptocurrency ATMs as part of a wider strategy to combat money laundering. While these ATMs can be misused as conduits for transforming physical cash into digital currencies, they also play a crucial role in the global crypto ecosystem, linking retail users across 67 countries via a network of 38,537 machines.
The New Zealand government’s decision stems from the rising concerns over potential connections between domestic criminals and international crypto operations. However, in a somewhat contradictory stance, the authorities have reassured that they will continue to support legitimate cryptocurrency businesses operating within the country.
