Indian startup sets up crypto-currency platform for Greeks

An Indian startup, claiming to be a non-profit organisation, today said Greek citizens can get 2,000 euro each in form of a virtual currency in lieu of promissory notes signed by them.

The company, named Trestor Foundation, also claims it is the only global organisation that can help people in Greece to get the money despite the capital control on bank withdrawls imposed by the government there. In a press release, Trestor said those wanting to get the funds -- 2,000 euro worth of Trest (a bitcoin like crypto- currency) -- can visit its retail partners in Greece and sign a 'Promissory Note', which would be used after the capital controls are removed.

A large number of virtual currencies have cropped up in the recent years, with Bitcoin being the most popular of them, although there are no proper regulations for such currencies. In fact, some regulators including RBI in India have warned against their use but these actions have failed to deter the growing popularity of such instruments. "We are giving out Trests worth 2000 euro only to credit-worthy investors after proper identity and credit check.

All Investors have to sign a promissory note to pay 2000 euro," Trestor Founder Kunal Dixit said. Trestor said the offer is for the Greek citizens who want to purchase Trests but do not have access to their euros because of capital controls. Trestor claims to be a technology non-profit foundation and its core team consists of IITians.