A crypto machine is an electronic device similar to an ordinary ATM, with which users can buy and sell cryptocurrencies in exchange for money or some other digital currency.
This type of machine does not connect to the user's bank account like a traditional ATM, but to his digital wallet in which these currencies are stored and through which transactions are made.
Currently, there are tens of thousands of these devices around the world, while it is estimated that the United States leads the way in terms of their number.
At least one of them exists in Montenegro, on the occasion of which on Tuesday the Minister of Finance, Aleksandar Damjanović, ordered the Revenue and Customs Administration (UPC) to carry out an inspection control of the facilities of the slot machine club "Salon Prive" in Tivat, in which members of the Department for suppression of economic crime after the control, they found a crypto machine that is used for currency trading. During last week's press conference, Damjanović said that "there is no legal basis for trading in cryptocurrencies in Montenegro and that everything related to possible trading through that device is illegal."
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A mobile phone, phone number, photo and access to a digital wallet are often required to use these devices. And while the tariffs for traditional cryptocurrency trading are up to four percent, trading via crypto machines can cost up to 10 percent of the transaction.
Cryptocurrencies emerged as a response to the global financial crisis that shook the world's banks in 2008.
This type of currency is digital and created in the form of computer codes that rely on cryptography, which provides anonymity, transaction security and control.
The most famous and valuable cryptocurrency is bitcoin, currently worth more than 25 thousand euros.
The legal representative of the company "Salon Prive" Ratko Pantović said that the possession of crypto machines is not illegal in Montenegro, nor is the trade in cryptocurrencies, and that the officers of the Police Directorate illegally tried to search their club for games of chance.
He also said that the crypto machine, which the security sector said last night belonged to George Cottrell, is not owned by that person, but is the property of the company "Global Trust Limited" and that it was installed in June 2022.
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