NYC Bitcoin ATM May Hit Speed Bump With BitLicensing Regulations

The city that never sleeps shouldn’t sleep on Bitcoin.

It was reported earlier that New York City would get its first NYC bitcoin ATM machine in the near future. However, those plans aren’t looking as bright as they were before.

The original New York Post story indicated that 30 year old Brooklyn Native Willard Ling, had purchased a $5,000 bitcoin ATM machine from Lamassu’s Josh Harvey, and planned on making it public to New York residents.

Ling’s plan to publicize his ATM at a local tea cafe has caught a snag from the New York Department of Financial Services (NYDFS).

BitLicensing in New York state has only recently begun to indulge bitcoin into its economy. The NYDFS will hold public hearings on the regulations of digital currencies on January 28th and 29th, within the city. The hearing will include a “broad cross-section” of onlookers and participants in the “virtual currency industry”.

As a result of the coming BitLicensing regulation hearings, it is a possibility that Ling’s ATM won’t be installed as soon as he’d hoped for, according to Inc. Magazine’s Wire blog. For the time being, Ling will have to keep his ATM plans on hold.

The compact, near 100lb ATM unit stands in at about a foot and a half tall. Perfect for sitting on a counter top or table.

Creator, Josh Harvey thinks of his machines more as “vending machines” rather than ATMs.

Lamassu has found itself in a race with Robocoin, and another bitcoin ATM manufacturer, Skyhook ATM, as they hurry to sell their machines across the globe. Skyhook looks to sell their machines in the $1,000 range, cheaper than its competitors.

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