As Economic Crisis Hits Greece, the Country to Install One Thousand Bitcoin ATMs

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Bitcoin ATMs Give the Much Needed Relief to Greeks
Bitcoin ATMs Give the Much Needed Relief to Greeks
Bitcoin ATMs Give the Much Needed Relief to Greeks

According to a report from IBTimes, Greece which is facing severe economic issues, is expected to receive 1,000 Bitcoin ATMs following a partnership between digital currency exchange BTCGreece and cryptocurrency service provider Cubits. Bitcoin is emerging as a right solution for transactions, particularly, when the government limits cash out from ATMs.

The report claims that the installation of the ATMs will allow users to exchange cash for Bitcoins which are being seen by some in Greece as a way to circumvent strict capital controls in the country that have been in place since June. Nonetheless, Greeks are currently restricted to withdrawing no more than €60 (£42, $66) per day.

Such a restriction can easily be bypassed with Bitcoin and money can be moved to foreign bank accounts. Talking about the features Bitcoin can offer, BTCGreece founder Thanos Marinos says that they are creating the ecosystem of Bitcoin and blockchain solutions in the Greek market that includes the rollout of 1,000 ATMs and solutions for the e-commerce and tourism industry.

Elaborating the partnership BTCGreece and virtual currency provider Cubits admitted that they will deploy 1,000 Bitcoin ATMs in Greece and help the citizens who are facing huge challenges due to restrictions on the withdrawal of money. Nonetheless, partnering with best-of-breed companies in the Bitcoin space will enable BTCGreece to provide the Greeks with solutions.

Bitcoin ATMs Give the Much Needed Relief to Greeks

The solutions according to the BTCGreece founder will ease the difficulties of the capital controls and further enhance the presence of the digital currency. Moreover, as Bitcoin adoption is happening and at a very fast pace, Greece cannot be left aside. In fact, Bitcoin can become a solution for the debt ridden Greece.

Marinos is of the view that the popularity of Bitcoin can be assumed from the fact that 300 Greek businesses have contacted him with Bitcoin ATM requests. Nonetheless, his organization plans to roll out the first batch of machines in October this year. This can give great relief to Greeks who have lost all faith in the traditional banking system.

Interestingly, as soon as economic crisis hit Greece, Bitcoin became popular among the Greeks. Even the exchange rate of Bitcoin went up to $310. It has yet to be seen how the plan from BTCGreece pans out in the coming months; however, one thing is loud and clear that Bitcoin can definitely ease the withdrawal limit Greeks facing.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com