Cryptocurrency ATMs began to be increasingly installing in the poor areas of American cities, mainly with the African American and Latin American population, the Financial Times found out.

The Coinatmradar platform shows that about 60% of American cryptomats are concentrated in places of compact residence of dysfunctional families, like the issues of issuing instant loans to salaries and checking operators. In the first half of the year, the total number of cryptomats in the country has grown to 38,726, of which 1004 new devices appeared in such areas, writes Financial Times.

“Service suppliers deny that the targeting of the installation of cryptomats is carried out on a racial basis. However, the obvious disproportionality of the distribution is more and more often anxiety, ” – declared President of the United Center for Political and Economic Research Dedarik Asante-Muhammad

The public activist said that most cryptomats, apparently, work in only one direction – to transfer cash into bitcoins. Since reverse operations, such as payment for services or buying food, are limited and associated with high commissions that reach up to 20%.

“Devices allow you to buy cryptocurrency for cash, but not convert them back into dollars. It looks like a financial trap for those who are already barely making ends meet, ” – He thinks Cantrell Dumas, Director of Derivatives of Better Markets Derivatives.

According to experts of independent experts Portal Truthout, the main beneficiaries of the sale of services to low -income Americans were Bitcoin Depot, which controls approximately 20% of the US cryptocurrency ATM market, as well as Coin Cloud, which occupies 15% of the market. The social consequences of the mass installation of cryptomats in poor areas, where financial literacy is lower and the crime is higher, are ambiguous. On the one hand, cryptomats contribute to financial inclusion, but their concentration in vulnerable communities enhances risks for residents, writes Financial Times.

Earlier, Senator Visconsin Kelda Roys proposed a bill on restrictions on the use of cryptomats. The goal of the politician called the protection of Americans from fraud with cryptocurrencies.