Greece introduces thousands of Bitcoin ATMs as banks lose credibility

Bitcoin service provider and exchange Cubits has partnered with Greek bitcoin exchange BTCGreece to install 1,000 bitcoin ATMs to help small and medium-sized businesses transfer funds.

“We are building Bitcoin and blockchain solutions in the Greek market,” BTCGreece founder Thanos Marinos told CoinTelegraph. “This includes 1,000 Bitcoin ATMs to address urgent needs in the e-commerce and tourism sectors. Also, working with best-in-class companies in the Bitcoin space makes it easier to ease capital controls for the Greek people.”

Thanos Marinos, founder of BTCGreece

Today, many Greek businesses are unable to pay their suppliers and partners abroad due to the country's fiscal problems and recent capital controls. All bank accounts, credit and debit cards in the country have been frozen for several weeks.

The Greek government has also limited weekly bank account and debit card withdrawals to a total of $464.76 per week. In order to help small and medium-sized enterprises complete overseas payments, the two companies plan to develop a cross-border payment system that will enable small businesses to complete payments quickly and at a lower cost.

“Bitcoin payments are growing very quickly,” Marinos explained. “Bitcoin is not a hype in Greece, it is a real solution for people and businesses that are living under capital controls every day. Another key factor is that people have lost trust in the traditional banking system and are embracing Bitcoin.”