Cyprus' emergency restrictions..

[donal]

Cyprus' banks reopen tomorrow and Cyprus are reported to be pushing emergency measures to stop cash flooding out of the country. People leaving the island can reportedly only take €3,000 in bank notes.. surely they could use Bitcoin as a method to get there money out? After another good day today for the bitcoin price, tomorrow should also be interesting..

Article:http://www.guardian.co.uk/world/2013/mar/27/cyprus-emergency-restrictions-cash-withdrawals-banks

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[Tea, Towels, Vogons etc.]

These guys are going to make MONEY tomorrow...unless they get arrested for "subverting the currency in a time of national crisis"

https://localbitcoins.com/country/CY

[Zr40]

Using Bitcoin to get money out is harder than it looks. You would have to exchange money for Bitcoins, an for that to happen, there must be people in Cyprus that are willing to sell Bitcoins that they already own (either already sold out, or very expensive), or use foreign exchanges like MtGox (restricted by foreign spending limits).

[donal]

Your right Tea, Towels, Vogons etc., at €10 premium already! The people that own that domain, localbitcoins.com have registered the domain through godaddy, unlikely to be owned by people in Cyprus anyway?

[donal]

Ah, just had a look at that localbitcoins, very good website.. the more people willing to buy and sell BTC for cash the better..

[Gabi]

It seems euro is already worthless: no one will sell bitcoins for euro in Cyprus now

[Mike Christ]

What a bunch of fucking nazis.  Behead the man/men who dreamed up withdrawal restrictions.

[gtlz]

Using Bitcoin to get money out is harder than it looks. You would have to exchange money for Bitcoins, an for that to happen, there must be people in Cyprus that are willing to sell Bitcoins that they already own (either already sold out, or very expensive), or use foreign exchanges like MtGox (restricted by foreign spending limits).

Very true.  Currently, the biggest barrier to wider adoption (for many) is the difficulty of changing currency.