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

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

Read more ... source: Bitcoin Warrior