[Canadian Federal Government Plans to Ban Cryptocurrency ATMs to Combat Fraud] Odaily Planet Daily News – The Canadian federal government announced in its spring economic update report released this Tuesday that it plans to ban cryptocurrency ATMs to protect citizens from fraud. The government has defined cryptocurrency ATMs as a primary tool used by scammers to defraud victims and by criminals to transfer illicit funds. Previous analysis by FINTRAC revealed that cryptocurrency ATMs have become the main channel for scammers within Canada to obtain victims' funds. Due to the fact that these devices do not require bank accounts and lack manual verification, funds can be transferred quickly and are difficult to trace. Currently, Canada has nearly 4,000 cryptocurrency ATMs, ranking first globally in terms of per capita ownership. The Canadian government stated that this measure aims to ensure citizens can purchase virtual currencies through physical monetary service businesses while better preventing illegal activities. Previously, countries such as the United Kingdom, New Zealand, and Australia have implemented restrictions or bans on cryptocurrency ATMs.