More crypto ATMS to be installed in Greece

As cryptocurrency becomes more popular, the European country is embracing the use of ATMs which allow users to buy or sell digital assets like Bitcoin, Litecoin, Ethereum, Dashcoin, and others. According to CoinATMRadar, there are already 10 Bitcoin cash machines already in Greece. There are four in Athens, one on the Greek island of Thessaloniki, two in Mykonos and others in Kalamata, Larissa and Heraklion.

However, this number is set to rise over the coming months thanks to Greek cryptocurrency company Thess Cash Hellas, which is planning to install three more in the Northern region of Greece. The move was revealed by news agency Greek Reporter which featured a quote from entrepreneur and co-founder of Thess Cash Hellas, Stefanos Getsopoulos, who revealed the company’s plans. And apparently, more local cryptocurrency companies have plans to follow suit and install even more ATMs in the country in the not so distant future.

The Greek population’s interest in crypto could be attributed to their waning trust in the Government and the country’s flailing economy. Greece installed the first cryptocurrency ATM in 2015 as an increasing number of residents turned to crypto and now there is a real demand for digital currency in the country. This demand reflects a flourishing interest in cryptocurrency worldwide with Bitcoin ATMs popping up in cities across the globe.

This interest boomed at the end of 2017 as Bitcoin’s value rose to almost $20,000 by December. Even though the cryptocurrency prices have dropped since then, the population still seems unperturbed and eager to not only use for everyday purchases but also invest in cryptocurrency with 3,687 ATMs placed in 70 countries all over the world and around four new machines being installed every week.

Currently, America is still top of the leaderboard in terms of having installed the most Bitcoin ATMs with Europe in second place and Asia in third. America boasts around 2,220 ATMs, whilst Canada has 641, Austria has 200 and the UK has 179. Meanwhile, South Africa is getting in on the crypto action and installed its first crypto ATM, quickly followed by Kenya.

One of the reasons that Crypto ATMs are becoming more popular is users prefer to avoid centralised institutions such as banks. The beauty of the Bitcoin ATMs is that they allow users quicker access to withdraw their digital assets in flat currency and their numbers are set to increase by 50 per cent over the next five years to meet the growing market.

The current global crypto market is worth $16.3million and is expected to reach over $144.5million by 2023.

However, whilst the rest of the world seems to be embracing the capabilities of crypto, this is certainly not the case in Russia where authorities are suspicious and clamping down on crypto ATMs. According to recent reports, 22 Bitcoin ATMs were suddenly seized from nine Russian countries as part of a systematic drive by the government to stop any illegal action in the financial market.

Apparently, the Russian Government feels that the process of converting digital currency to fiat could lead to unregulated cross-border transfers and other illegal financial activities. But with activities for Bitcoin across the world increasing by the day, how long can the Russians put off what seems to be the inevitable?

By Joy Lewis.