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Lithuanian Shops To Start Selling Bitcoin To Customers

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Lithuanian crypto users will now be able to acquire Bitcoin (BTC) through Narvesen stores and Lithuanian Press kiosks. The information was released by the local news site Delfi on September 17. This would have a positive impact on the access users have to the cryptocurrency market in the country. 

Lithuanian Shops To Sell Bitcoin

As per the report, the aforementioned shops will be selling coupons that would allow users to exchange them online for Bitcoin. The decision to select these stores is related to the large network they have around the country and how they could be useful for users to have fast and easy access to Bitcoin

Interested individuals will be able to acquire these Bitcoin coupons using cash or card, allowing these firms to better serve their clients. 

Narvesen CEO Vigintas Bartaševičius explained they currently have a network of 60 Narvesen stores. At the same time, they are constantly trying to expand their selection of new products and services. 

It is worth mentioning that users would not need an ID or other documents to convert their euros (EUR) into Bitcoin. Nevertheless, individuals will have to provide an email and Bitcoin wallet address. 

The coupons are going to be processed by a company called Rebiton. Its owner, Raimundas Aauskas, said that there are no regulatory issues because they are compliant with all the money laundering and fraud prevention requirements. 

On the matter, he commented:

“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.”

Although they are not going to be requesting private information to users, new regulations could change the service as they have already planned. Delfi had also reported regulators would require businesses to prove the identity of clients dealing with virtual currencies. 

Regulations are expanding all over the world. The main goal is to fight against money laundering and terrorism financing. 

This is not the first time that there is a company offering digital currencies in small shops. As we reported earlier this year, Paris Tabacs would allow users to buy Bitcoin for cash. The company behind this initiative is the French group Keplerk, allowing Paris to become a hub for crypto purchases. 

According to data provided by CoinATMRadar, Lithuania has no Bitcoin ATMs installed. Thus, this initiative is expected to have a positive impact on local buyers of Bitcoin. 

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Jonathan Gibson

Jonathan Gibson

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