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Debt Crisis Sparks Surge Of Bitcoin ATMs In Greece

Seemingly teetering from one financial crisis to another, Greece could be in line to receive as many 1,000 bitcoin ATMs, which stems from a partnership between two entities: the digital currency exchange BTCGreece and the cryptocurrency service provider known as Cubits, International Business Times reported on Wednesday (Aug. 19).

The movement to embrace the ATMs shows increasing interest in the cryptocurrency in an age of whipsaw debt and currency movements. As reported by IBT, bitcoin represents a way for at least some Greek citizens to get around capital controls that have been a hallmark of the financial system since June. As part of those controls, cash withdrawals at ATMs are limited to €60 daily, and no money can be moved from foreign bank accounts.

The founder of BTCGreece, Thanos Marinos, told CoinTelegraph in an interview that “we are creating the ecosystem of bitcoin and blockchain solutions in the Greek market.” That rollout will include the positioning of 1,000 ATMs and solutions geared toward the eCommerce and tourism industry, IBT stated.

Marinos continued in the interview that “partnering with best of breed companies in the bitcoin space will enable us to provide the Greeks with solutions that will ease the difficulties of the capital controls. Bitcoin adoption is happening and in a very fast pace. Bitcoin in Greece is not just hype but a solution to day-to-day problems of people and businesses under capital controls. Also, a key factor is that the trust of the traditional banking system is long gone, and people are open to bitcoin.” Marinos said his company had received requests from 300 shops in Greece for the cryptocurrency ATM; as of now, there are plans in place for the first ATMs to be rolled out in October.

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