Greece authorities from the Capital Market Commission are concerned with the bitcoin cash machines that are spreading across Greece. The commission, and not the Central Bank of Greece is in charge of monitoring the cybercurrency because the digital cryptocurrencies are seen in Greece as portfolio assets and not currency, according to a report in ekathimerini.com
As bitcoin ATMs continue to appear throughout the country, authorities are concerned that there’s very little surveillance or regulation regarding the bitcoin transactions and that these transactions may not always be legal.
Natasa Stamou, vice president of the Capital Market Commission said to the news outlet that, “the anonymity, the speed of transactions, the easier concealment of the origin and destination of money, and the capacity for transfer and storage outside the regulated credit system render cryptocurrencies ideal for conducting illegal activities, which cannot be detected and tackled in a timely and efficient manner.”
The Financial Action Task Force also weighed in on concerns regarding bitcoin ATMs in Greece, which include trafficking and sale of drugs and other forbidden substances and items, such as weapons; fraud; blackmail; tax evasion; cyberattacks; human trafficking and unlicensed financial services.