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ATMIA, EFTA explore bitcoin opportunities
LONDON, SIOUX FALLS, Iowa, and FAIRFAX, Va. (5/6/14)--The ATM Industry Association (ATMIA) and the Electronic Funds Transfer Association (EFTA) announced the release of the second research report on bitcoin.
The report, "BitCoin: Virtual Currency with Real Opportunities," was written by Value Partners Management Consulting, which authors the bi-annual Global ATM Benchmarking studies.
"As industry associations liaising with regulators, ATMIA and EFTA are keen to develop industry positions on the current and future significance of bitcoin," said ATMIA CEO Mike Lee. The report provides a historical and comprehensive international analysis of bitcoin, he said, as well as how virtual currencies and ATM systems can interface for their mutual benefit.
"A virtual currency not bound by international borders pose a unique set of challenges to regulators," said EFTA President/CEO Kurt Helwig.
ATM operators have new opportunities with virtual currencies, said analyst Francesco Burelli of Value Partners. "The ATM is an ideal touch-point channel between the not-so-intuitive crypto-currencies and the consumers who may want to leverage the new payment methods but may not be sufficiently technically savvy to liaise directly with exchanges and cryptographic wallets," Burelli said.
As a digital currency, bitcoin is the prominent player within the decentralized peer-to-peer network.
Lee predicts bitcoin is in it for the long haul. "I think bitcoin will still be standing, despite its ups and downs, in the medium term, perhaps even in the long-run," he said.
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