Greece Looks to Bitcoin as Austerity Bites

Executive Brief

As the Greek people struggle under the monetary restrictions of their ongoing austerity program, as well as concerns about bank account security and withdrawal restrictions, many are turning to Bitcoin as a solution to their problems.

Two Bitcoin establishments, Cubits and BTCGreece, have begun installation of over 1000 bitcoin ATMs across the country to provide an alternative money supply for the beleaguered population.

Read the full story below. 

The problems for the Greek people have been well documented. Unable to meet debt demands, the country has been put under intense pressure from the European Union to implement ever more severe austerity measures to enable it to meet its commitments.

With banks being closed without notice to prevent runs, and ATM withdrawals restricted to just 60 Euros a day at various points during the process, the reliance on the traditional banking infrastructure is causing problems for much of the populace. Even worse, many have simply lost trust in the entire system.

To provide an alternative that can really make a difference should things deteriorate again, Bitcoin service provider Cubits, in conjunction with Bitcoin exchange BTCGreece, has committed to installing over 1000 ATMs across the country to help local people take control of their financial situation.

Because digital currencies are constrained by the fiscal controls implemented under EU legislation, this new ecosystem that includes ATMs and exchange services will help to provide the Greek people with easier access to money. At the same time, businesses will be able to pay for services and goods more easily as well, because small and medium sized businesses will be able to take full advantage of the global nature of cryptocurrency to bypass local restrictions.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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