As the economic crisis hits Greece, a large number of the people whose money is stuck in the country want to take out safely. Though when a financial crisis like this happens in any country the first effort that the government does is block all the ways that can be used to flight away the money, Bitcoin can be of great help in such a situation.
Understanding the scope and prospects, Bitcoin services provider Cubits.gr and Greek exchange BTCGreece have partnered and helping out Greek citizens move cash out of the country to suppliers and business partners. This can be extremely suitable solution for those whose money is stuck in a country that does know what is going to happen to its economy next year.
It has come to notice that founded by Julian Mautner, Tim Rehder, and Andreas Lehrbaum, the companies hope to work around capital controls in the country so that they can get businesses running again in the country. For the purpose the team is building a cross-border payments service for the Greek market and for such a situation Bitcoin is the best solution.
Nonetheless, they are focusing on small and mid-size businesses. According to the team they are supporting voucher payments backed by Bitcoin as well as access to point of sale terminals and ATMs. It appears crystal clear that essentially they are rebuilding financial transactions using Bitcoin as the backing medium.
The Company has 15,000 wallets and 500,000 monthly transactions
Tim Rehder was quoted saying that Cubits is in this for the long run, this is their priority and main focus. Though the company has 15,000 wallets and 500,000 monthly transactions currently, it aims to further expand the reach and features. He was quoted saying that with Greece’s myriad of financial problems at a record high, economic relationships are strained.
He believes that the current credit controls could be damaging. For instance, suppliers, and individuals are limited to withdrawals of EUR 60 per day. As the only operational Bitcoin exchange in Greece, BtcGreece allows Greeks to purchase Bitcoin and remit defined payments abroad, the local users are showing their happiness as the services resume.
According to him Cubits’ arrival in the Greek market will provide the professional solution to the problems at hand. The country’s problems probably won’t be completely solved by a bit of Bitcoin; however, it’s been an interesting ride and spartanroute is attempting these same moves and individuals in Greece are working toward similar solutions.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org