The home of Walter White and Jesse Pinkman beat out tech obsessed cities like Seattle or San Francisco for the first Bitcoin ATM in the U.S.
Bitcoin enthusiasts in Albuquerque can now buy Bitcoins at an “upscale” cigar bar called Imbibe near the University of New Mexico, thanks to a new machine built by Lamassu recently installed by coin exchange house Enchanted Bitcoins.
While New Mexico seems like a peculiar state to install such a machine, Zach Harvey, CEO of Lamassu, is quoted as saying it was the logical choice because of the regulatory environment in the state. New Mexico, along with South Carolina, are the only two states that do not require money transmitter businesses to be licensed. As Mashable reports, another Lamassu customer was set to bring his Bitcoin ATM online in California until he found out the state requires a $250,000 bond to operate the machine and has very complex anti money laundering requirements.
First operational #bitcoin ATM in USA!! Imbibe Nob Hill in ABQ. Congrats @LamassuBTC @JuanLlanos @msantoriESQ http://ift.tt/1jOLzL3
— Pedro (@99Piloto) February 18, 2014
“I can’t really afford to hire a team of lawyers to walk me through the legal issues involved with this machine,” he *told Mashable .
While New Mexico does not require Enchanted Bitcoins, the company that operates the machine in Albuquerque, to have a license, the company said it is proactively trying to remain fully compliant with all anti-money laundering regulations.
According to Harvey demand is so high for his company’s ATMs that he has to quote potential customers a 10-14 week lead time.
“We are currently ramping up production from 40 machines a month to 60 machines a month, and then to 80 machines a month. Our goal is to build up inventory and reduce lead times to zero,” Harvey said to CoinDesk .
Lamassu is planning to bring its ATMs to Seattle and Austin in a few weeks.
While New Mexico does not require Enchanted Bitcoins, the company that operates the machine in Albuquerque, to have a license, the company said it is proactively trying to remain fully compliant with all anti-money laundering regulations.
According to Harvey demand is so high for his company’s ATMs that he has to quote potential customers a 10-14 week lead time.
“We are currently ramping up production from 40 machines a month to 60 machines a month, and then to 80 machines a month. Our goal is to build up inventory and reduce lead times to zero,” Harvey said to CoinDesk .
Lamassu is planning to bring its ATMs to Seattle and Austin in a few weeks.
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