Greece set to gain 1000 bitcoin ATMs

According to multiple reports, digital currency exchange BTCGreece is planning to install 1000 bitcoin ATMs throughout Greece, after popularity for the cryptocurrency soared during the country’s economic meltdown.

In an interview with CNBC, Thanos Marinos, founder of BTCGreece outlined his plans for the deployment of bitcoin ATMs in Greece.

‘‘It is part of my vision to create a block chain ecosystem in Greece. If all goes as expected with no major issues we will launch first ATMs October 2015.’’

According to FxPips, BTCGreece has teamed up with Cubits, a bitcoin service provider to launch the bitcoin ATMs

‘‘BTCGreece and Cubits are now offering a solution to small and medium-sized firms to maintain their operations, and pay their dues outside of the country without the limitations required by financial institutions under capital controls,’’ stated Marinos.

Marinos hopes that the deployment of the cryptocurrency machines will help invigorate the nation’s e-commerce and tourism landscape, after Greece narrowly avoided outright bankruptcy.

Greece’s financial officials have recently backed terms for a third bailout in five years, following extensive talks with the European Union. The proposed deal involves tax rises and spending cuts, for a bailout of £61bn.

During Greece’s economic crisis, bitcoin’s value rose as cash-strapped citizen’s turned towards the cryptocurrency after being limited to withdrawing €60 per day via ATM machines.

In an interview with Reuters, Marinos revealed that that new clients depositing at least €50 with BTCGreece soared by around 400 per cent to “a few thousand” between the months of May and June, the height of Greece’s financial crisis.

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