Indian start-up easing the lives of economic-crisis ridden Greek citizens

Trestor Foundation, an Indian non-profit start-up has announced that Greek citizens can get up to 2,000 euros each in the form of a virtual currency in lieu of promissory notes signed by them.

The company claims that it is the only organisation in the world that can help people in Greece to get funds despite the capital control on bank withdrawals imposed by them by the government there due to the ongoing economic crisis. In a press release, Trestor has said that those wanting to get the funds – 2,000 euros worth of Trest (a bitcoin-like currency form) can visit its retail partners in Greece and sign a promissory note which can be used after the capital control has been removed.

After bitcoin’s emergence as a leading and useful virtual currency, a large number of similar currency forms have appeared in the last few years. However, the problem lies in the regulation of the supply of currency. In fact, some regulators like RBI in India have posed a warning against their use. However, even after such measures, the popularity of these currencies and payment instruments refuse to go down.

“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.