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1,000 bitcoin ATMs going to Greece

With strict capital controls in place and trust in the banking system 'long gone,' Greeks are turning to bitcoin as an alternative to fiat currency.

August 21, 2015

BTCGreece and virtual currency provider Cubits say they will deploy 1,000 bitcoin ATMs in Greece, where economic turmoil is driving up interest in the virtual currency, according to a reportby The Business Insider.

Currently, Greek citizens are only allowed to withdraw 60 euros ($66) per day from traditional ATMs, and bitcoin offers a way to get around these restrictions, the companies say.

BTCGreece founder Thanos Marinos believes bitcoin has great potential in Greece:

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 [at] 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 that, already, 300 Greek businesses have contacted him with bitcoin ATM requests. BTCGreece plans to roll out the first batch of machines in October.