Lithuanian convenience stores Narvesen and Lithuanian Press kiosks are going to start selling Bitcoin (BTC).
Bitcoin in Lithuanian stores
According to the report, the shops will start selling coupons that can be exchanged for BTC online. Narvesen and Lithuanian Press have been chosen because of their extensive network and favorable attitude towards cryptocurrencies, which would grant access to the target audience and provide the means to buy coupons quickly. Narvesen CEO Vigintas Bartaševičius said:
“We currently have a network of nearly 60 Narvesen stores, where we are constantly looking to expand our selection of products and services. We recently offered a cash withdrawal service to our busy city customers, and now we are starting to sell Bitcoin vouchers, both cash and card. Bitcoin coupon sales are geared to meet the needs of a younger audience.”
No Know Your Customer checks
No ID or other documents will be required to convert euros into Bitcoin acquired with the coupon. All a user needs is an email address and a Bitcoin wallet address. Raimundas Asauskas, the owner of Rebiton, the service processing the coupons, suggested this is of no regulatory concern:
“While we have greatly simplified the process of acquiring Bitcoin, we strictly comply with money laundering, fraud prevention and other legal requirements regarding our operations. We also make sure there are no abuses. We perform evaluation and validation of email and IP addresses using solutions from partners providing similar services to brands such as Disney, IBM, American Airlines or Santander.”
This last choice is made more interesting by the fact that, in June, the same news outlet reported that Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients.
The total number of bitcoin ATMs (BTMs) worldwide reached 5,000 for the first time — that said, according to BTM search service CoinATMRadar, there are none in Lithuania. In February last year, the local tax authority forced the removal of BTMs present in a local shopping mall.