Greece could get 1,000 Bitcoin ATMs
European Bitcoin exchange &lsquo;Cubits&rsquo; has partnered with Greek bitcoin exchange &lsquo;BTCGreece&rsquo; to set up 1,000 Bitcoin ATMs to capitalise on the growing interest in Bitcoin adoption in Greece. &ldquo;It is part of my vision to create a blockchain ecosystem in Greece&rdquo; says Thanos Marinos, BTCGreece founder. Belief in the traditional banking system is slowly disappearing, as people become open to Bitcoin, Marinos added.
Bitcoin ATMs could spring up across Greece as soon as October as citizens and businesses become increasingly desperate to move their money despite capital controls. BTCGreece, which bills itself as the country's first bitcoin exchange, plans to eventually install 1,000 ATMs nationwide, in partnership with European bitcoin platform, Cubits.



A Bitcoin ATM machine at a restaurant in San Diego, Calif. Mike Blake | Reuters

Thanos Marinos, the founder of BTCGreece, told CNBC on Wednesday that a soft launch was on the cards for October. "It is part of my vision to create a block chain ecosystem in Greece," he told CNBC. "If all goes as expected with no major issues we will launch first ATMs October 2015." Bitcoin is a decentralized digital currency that can be used around the world. Transactions are listed in a shared public ledger called the block chain.

The digital currency has been touted as one way to to circumvent Greek capital controls. These have been in place since June and limit domestic investors to withdrawing no more than 60 euros ($66) per day from Greek banks, making life extremely tough for companies that need to pay or receive bills. Greek individuals and businesses are also forbidden from moving money to bank accounts abroad.

The ATMs envisaged by Marinos could allow users to convert fiat currency into bitcoin and potentially vice versa. As yet, BTCGreece has no ATMs in Greece. However, Marinos said he had already received requests from 300 shops for bitcoin ATMs. "We want to do it cautiously," he told CNBC, adding that BTCGreece would announce more partnerships next week. Bitcoin rallied in June amid reports that Greeks were flocking to the currency in order to circumvent the controls. However, the currency's decentralized nature makes it challenging to say how many Greeks currently use it.