The ATM Industry Association has published an international position paper on Bitcoin ATMs and Bitcoin.

The new industry paper maintains that Bitcoin currency is not a threat to cash, nor to established electronic payment methods, an ATMIA news release said. However, the global association, which represents 5,000 members in 65 countries, recommends increased support and supervision of Bitcoin ATMs to ensure that they abide by security best practices and maintain the industry's current high levels of consumer trust.

"We reach out our hand of friendship to Bitcoin ATM operators and encourage them to come within the fold of our industry and its governance framework and best practices," said ATMIA CEO Mike Lee. "With over 120 Bitcoin ATMs already installed in a variety of countries, the time is right to integrate them upfront into an industry with a proven four-decade-long track record of secure, convenient services to cardholders and consumers."

The paper outlines the nature and recent growth of the decentralized digital currency and discusses the industry issues that need to be addressed, such as mitigation of risk from fraud, hacking attacks and money laundering.

According to the release, ATMIA believes that the best way for this to happen is to integrate Bitcoin ATMs into the traditional ATM industry with its established governance framework and security best practices.

Specifically, ATMIA recommends a joint clarification of conditions for a Bitcoin ATM "license to operate," as well as peer relationships between Bitcoin operators and exchanges and the wider payments industry — including stakeholders in the ATM industry.

New international security best practices for digital currencies could be produced jointly to reduce the risk of cyber-crime attacks, AMIA believes.

"Finally, the introduction of an international accreditation program for Bitcoin ATM operators, including ongoing education and training programs, would seal the deal and set us on course for a successful synergy between Bitcoin innovators and established operators," Lee said.

Regulators around the world are watching the emergence of Bitcoin with great interest, said Simon Gentry, ATMIA public affairs adviser in Europe. By positioning itself within the established governance structures of the ATMIA, the virtual currency will begin to address some of the valid concerns of regulators and politicians, he said.