Bitcoin becomes a means to circumvent Greek currency capital controls

According to CNBC, a US financial news website, BTCGreece plans to cooperate with Cubits to install 1,000 Bitcoin ATMs in Greece, which will be available as early as October. This is at a time when Greece is implementing capital controls and depositors are eager to withdraw their savings.

Thanos Marinos, founder of the Greek bitcoin exchange BTCGreece, said that if everything goes well, the bitcoin ATM will be put into trial operation in October. He said he hopes to build a blockchain ecosystem in Greece. The bitcoin ATM will reportedly be able to convert users' legal tender into bitcoin, and is expected to convert bitcoin into legal tender.

The report pointed out that the Greek government has set a limit of 60 euros per person per day for people to withdraw money and prohibited the remittance of funds to overseas accounts. This makes people's lives, especially the flow of corporate funds, extremely difficult. In this context, Bitcoin has become a means to circumvent the Greek government's monetary capital controls. However, there is currently no Bitcoin ATM in Greece. However, Marinos said that he has received requests from more than 300 shopping malls to install Bitcoin ATMs.

Bitcoin prices recovered in June as reports emerged of Greek citizens rushing to the cryptocurrency to avoid capital controls. However, because Bitcoin is a decentralized electronic currency, it is difficult to know exactly how many Greeks are currently using it.