“Bitcoin is on the way to becoming a major global currency and is being increasingly accepted at retail outlets around the world as payment method,” Mike Lee, CEO of ATMIA, told CU Times. “There may be a growing expectation for bitcoin services, which financial services providers need to think about.”

ATMIA's new paper outlined the nature and recent growth of the virtual currency and discussed the industry issues that need to be addressed, such as mitigation of risks of fraud, hacking attacks and money laundering, the trade group said.

If bitcoin is integrated into the ATM industry, it will bring itself in line with industry best practices and other aspects of governance of an industry and this will allay some of the uncertainty about the virtual currency, according to Simon Gentry, ATMIA's public affairs adviser in Europe.

The trade group recommended a joint clarification of conditions for a license to operate for bitcoin ATMs, as well as peer relationships between bitcoin operators and exchanges and the wider payments industry, including stakeholders in the ATM industry.

“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,” Lee said. “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.”

Specifically, ATMIA recommended new international security best practices for digital currencies, which could be produced jointly to reduce the risk of cybercrime attacks.

The best way for this to happen is through integration into the ATM industry with its established governance framework and security best practices, the association said.

“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.”

In recent months, many organizations have cautioned investors to tread cautiously around bitcoin, which is generated by a computer algorithm and has no issuing or regulating country.

The Securities and Exchange Commission, the Financial Industry Regulatory Authority and the North American Securities Administrators Association have cautioned that potential investors could be easily enticed with the promise of high returns in this new investment space.

At CUNA's America's Credit Union Conference in San Francisco this summer, attendees packed a session on bitcoins and the role of bitcoin in the evolving payment space was part of Shark Tank judgeRobert Herjavec's keynote speech at the NACUSO annual meeting in Florida in April.

Two men pleaded guilty this week to federal charges for illegally selling $1 million in bitcoins on a website known for peddling contraband and drugs, according to the U.S. Justice Department.

Charlie Shrem, CEO of BitInstant.com and former vice president of the BitCoin Foundation, and Robert Faiella, 54, of Cape Coral, Fla., an alleged dealer of the decentralized digital currency, pleaded guilty Sept. 4 in New York. The men will be sentenced Jan. 20, 2015.