A bill has been proposed in Wisconsin that would change the regulations regarding Bitcoin ATM usage. The bill requires full Know Your Customer (KYC) verification for all transactions.
Changes in Bitcoin ATM Usage
The bill mandates users to present photo ID for all purchases. Each transaction will be limited to a maximum of $1,000 per person per day. Operators will be required to collect and store detailed user information. Lawmakers argue this is necessary to prevent fraud and money laundering.
Privacy Concerns in the Crypto Community
While supporters believe these measures will enhance consumer protection, many in the crypto space perceive this move as a step toward eroding financial privacy. Bitcoin ATMs have often been used for quick transactions with minimal verification, and introducing full KYC requirements could make them more intrusive.
Possible Impact on Bitcoin ATM Users
If passed, the bill may significantly reduce the number of users of Bitcoin ATMs in Wisconsin. Some may opt for peer-to-peer trading or decentralized exchanges instead. Concerns about potential data breaches also arise as operators will now be required to store sensitive user information.
The proposed KYC bill for Bitcoin ATMs in Wisconsin could have a substantial impact on the cryptocurrency market in the state and beyond. Its progression will be closely monitored by local residents and the wider crypto industry.
