ECONOMY

Hundreds of Bitcoin ATMs to be installed in Greece: Report

hundreds-of-bitcoin-atms-to-be-installed-in-greece-report

One thousand bitcoin ATMs are to be installed in Greece to help firms overcome the restrictions imposed by capital controls, according to reports.

The CoinTelegraph website reported that Bitcoin service provider and exchange Cubits has partnered with Greek bitcoin exchange BTCGreece to install the units to help small and medium sized businesses move money.

“We are creating the ecosystem of bitcoin and blockchain solutions in the Greek market.” Thanos Marinos, the found of the only Greece-based bitcoin exchange BTCGreece, told CoinTelegraph. “That will include the rollout of 1,000 ATMs and solutions for the e-commerce and tourism industry.”

At the beginning of July, Marinos told Reuters that New customers depositing at least 50 euros with BTCGreece rose by 400 percent to "a few thousand" between May and June.

Bitcoin is a web-based digital currency invented six years ago that floats freely and is not backed by a government or central bank. Its value has been highly volatile.