# New Zealand bans cryptocurrency ATMs in the fight against financial crime 🚫

New Zealand has just surprised the cryptocurrency world! They have introduced legislation that:

• Completely bans cryptocurrency ATMs

• Limits international transfers to $5,000 per transaction

• Gives more powers to their Financial Intelligence Unit

The government claims it is not about harming legitimate businesses, but about targeting criminals who use cryptocurrencies to bypass traditional financial systems. With cryptocurrency thefts rising by 17% in 2024 (a staggering $2.2 billion stolen!), they are taking serious action.

What does this mean? While it may help combat crime, it could create challenges for everyday cryptocurrency users in New Zealand. This is a continuation of the global trend of increasing cryptocurrency regulations that we are witnessing worldwide.

WHAT DO YOU THINK ??????? I AM CURIOUS 📝💭