Bitcoin ATM Could Soon Be Opening in Cyprus


Credit: zcopley / Foter.com / CC BY-SA

Yesterday, Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, said that he plans to open a Bitcoin ATM in Cyprus.

Perhaps not surprisingly the cryptocurrency is becoming increasingly popular in southern Europe. From PRWEB

Interest in Bitcoin has soared, especially in southern Europe. As Yahoo! reports, downloads of Bitcoin-related apps started rising in Spain over the weekend. For instance, Bitcoin Gold spiked in the Spanish iPhone Finance category from 498 to 72, while another app called Bitcoin Ticket zoomed from 526-52 in just one day. Leading service, Bitcoin App, jumped from 194 to 151 from Friday and Sunday while Spaniards took notice of Cyprus.

While the PRWEB story says that Berwick's Bitcoin ATM will be the world's first Zach Harvey and Matt Whitlock demonstrated their Bitcoin ATM at the Free State Project's Liberty Forum in February.

Thanks to the recent bailout agreement depositors with more than 100,000 euros in Cypriot banks could be hit by a 30 percent loss. A previous proposal, which was rejected by the Cypriot government, would have required that all depositors with money in Cypriot banks contribute towards a bank levy.

It is scary that government officials have been considering the proposals that have been recently discussed in Cyprus. However, as J.D. Tuccille pointed out last week, technology is making it less difficult to avoid government regulations and mismanagements, which given the current situation in Europe is exactly what it looks like an increasing number of Europeans are trying to do. 

Read more from Reason.com on Cyprus and Bitcoin here and here