download

Bitcoin, Ethereum and other cryptocurrencies are now available for exchange at 1,800 Post Offices in Austria.

Exchange services of cryptocurrency for hard currency are provided by the digital wallet BitPanda, which concluded an agreement with the Post of Austria. BitPanda was founded in Vienna in 2014. Currently, the number of its customers exceeds 300 thousand people. They can purchase cryptocurrency for cash. Notes worth of €50, €100 or €500 are accepted. After payment, the buyer will receive a receipt with a code that will need to be entered on the web site of the purse to carry out the transaction. Currently four cryptocurrencies, which are Bitcoin, Ethereum, Dash, and Litecoin, are available for purchase.

“Bitcoin is no longer only a topic of a small community, but is now triggering a fundamental breakthrough in the economy and society,” BitPanda said in a statement. According to the digital wallet, the currencies manage to step further away from their somewhat dubious image and towards a popular and accepted investment and payment method. At the same time, in November 2016, the Financial Market Authority of Austria urged consumers to be extremely cautious buying or investing in cryptocurrencies because they are likely to be used in large-scale frauds and Ponzi schemes. The FMA emphasised that virtual currencies pose a risk for investors because they are not subject to license obligations and are out of control of state institutions.

In neighboring Switzerland bitcoins are currently available to be bought at railway ticket machines. This project is realized in cooperation between Switzerland's national railways firm SBB and Zug-based startup SweePay.