The world's first bitcoin ATM may be coming to Cyprus.
A new company has announced plans to debut the world’s first automated teller machine that dispenses the digital currency known as Bitcoins in Cyprus.
Bitcoins are increasing significantly in value, going from 40 dollars to 72 dollars in a single week, compared to the crashing economy in Cyprus.
The head of the country’s largest bank has resigned, as their economy faces collapse.
The government is considering setting a weekly withdrawal limit on bank customers.
Bitcoins are not a physical currency, although many prominent online companies accept them as payment, and people can buy Bitcoin gift cards at Walmart.
Some people are convinced that the use of Bitcoin will continue to flourish, while others disagree.
Diana Furchtgott-Roth the former chief economist for the U.S. Department of Labor, said: “The Bitcoin would never work in Cyprus because Cyprus is full of insolvent loans. Putting in different currency is not going to help. Whether it's digital or dollars, they need to separate from the euro and put in economic currency that will attract more investment."
