What transactions can be made on them? What are the responsibilities of the service provider? Are they reliable and secure? these are some of the questions answered below.
The ATM for Bitcoin or ATM (Automated Teller Machine, for the acronym in English), are machines equipped with electromechanical or digital devices that allow customers to make, among other services, cash withdrawals, transfers between accounts and payments of services, for this case convert Bitcoin to dollar and vice versa.
According to the technical regulations for the application or “circulation” of Bitcoin as a currency for legal use in the country from next September 7 there will be a number of specifications for the use of ATMs.
It will be the responsibility of the ATM owners:
The installation, operation, quality and security of the operations of Bitcoin ATMs in dollars and vice versa, is the responsibility of the obligated subjects of these rules.
BESIDES: Government transfers the management of Bitcoin to banks and cooperatives
The above activities may also be delegated to third parties that provide these types of services, which will be done through a service contract specifying the conditions and responsibilities to which the provider is obliged, based on risk analysis. carried out by the entity.
Regarding the use of confidential information
Receipts issued by the ATM that expose confidential information must hide some of this information, in order to preserve the confidentiality of the user’s data.
When the operation is a cash withdrawal using a digital wallet, ATMs must issue, at the express request of the user, proof of the transaction carried out by the user, which must contain at least the value withdrawn and the current balance. , when applied.
BESIDES: Use of Bitcoin if it will involve collection of commissions
The identification of the ATM
All ATMs must be duly marked with the identification or logo of the entity to which they belong and the international brands to which they are affiliated.
For the consultation of balances and last applications
All ATMs must be scheduled so that the user can at least check their associated account balances.
About the identification key
The ATM must be programmed to require the user to enter the secret password (PIN) or other identification mechanism, before logging in.
READ ALSO: Steve Hanke: “Bitcoin’s fantasy will lead to the collapse of the Salvadoran economy”
The user may change their secret key (PIN) whenever required and in accordance with the provisions issued by the corresponding issuing entity.
The conditions of the location
ATMs must be installed in places that provide the best service to users, so they must be installed in accessible places and have the minimum security conditions according to the analysis. of risk carried out by the entity.
The cashier will also serve for reports of suspicious transactions.