In an interview to media professionals David Boveington-Fauran, a Bitcoin entrepreneur who is based in Belgium and also played a role as a co-founder of the European Bitcoin Trading Machine or EBTM, says that his company is holding the ambition of a creating a network of BTMs across Europe to cater the requirements from customers.
David Boveington-Fauran says that there is a lot of hope and potential for Bitcoin in the European market as many Bitcoin enthusiasts know, remittance markets are ripe for a shake-up due to their excessively high fees. According to him two-way Bitcoin vending machines could dramatically cut costs for sending money abroad.
He believes that machine scans ID documents and it is easy to imagine a machine in another country where someone comes with a redeem code and their ID and collects in cash the Bitcoin sent from abroad. Thus, according to him if this is to happen Bitcoin needs a sound legislation to promote business and protect consumers.
According to David Boveington-Fauran when some user starts sending money like that, and Bitcoins are a currency in my mind, he is edging closer to a banking service which requires some guidelines and legislation. He is of the view that digital currencies will surpass fiat currencies; rather run in parallel.
European Market Has Huge Potential for Bitcoin
David Boveington-Fauran believes that offering customers the possibility of exchanging their BTCs for cash is good and his company has been able to deliver such services for tourists. For instance, it had some Korean tourists as customers who wanted to get Euros for their trip in Belgium and for that they sold some Bitcoins; this massively helped them while touring.
Talking about the future plans of the company David Boveington-Fauran said that while digital currencies are gaining in popularity in Europe, there is still a lot of work ahead. According to him in Belgium, where Bitcoin is still considered as “drug money” by a few, a lot of efforts need to put to change the perception.
According to him, EBTM is a commercial venture which was set up by Arnaud Kodeck and himself who thought that it would be a good business to import Belgium’s first Bitcoin vending machine that would be bi-directional. The duo wanted to help people so that they can buy and sell Bitcoin very easily with this machine.
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