Cryptocurrency adoption across the world has picked up the pace as more people engage in crypto trading and use cases for digital assets are being developed and improved. A number of countries are also trying to work towards the regulation of digital assets.
Croatia is one of the countries in which developments in the crypto sector have been seen recently. Croatian Post announced that it is in the process of testing a crypto exchange service to cater for its cryptocurrency users. The service was rolled out from the 15th of July by the state owned company. Through the crypto exchange service, crypto users can convert their cryptocurrency holdings into the country’s fiat currency.
Currently, three post offices in the Croatian city of Zadar are offering the service. The postal service provider is looking to expand and offer the crypto exchange service at all of its 1,061 branches across the country. As it stands, the exchange is only processing transactions from cryptocurrency to Kuna, the national currency. Bitcoin owners can readily access the services. Other cryptocurrencies that are supported include Ripple, Ethereum, EOS and Stellar.
The availability of such an exchange will be highly beneficial to Croatia’s crypto community. More people can buy Bitcoin (BTC) with the knowledge that they will be able to easily convert it to fiat currency if need be. It also gives people the option of having a Bitcoin wallet along with conventional bank accounts as a way of keeping their earnings.
The exchange process
The exchange system developed by the Croatian Post is simple and short. A cryptocurrency holder has to fill in an application form and scan a QR code. As soon as the form is processed, the cash is given to the user in the post office. The system came about through a collaboration between the Croatian Post and crypto startup Electrocoin. Electrocoin has its own exchange for Bitcoin, which has been running for 5 years to date. Electrocoin’s exchange, along with the new service being offered by the postal service, will encourage Bitcoin trading to become a viable industry in the country.
Croatian views of the crypto industry
Having a state owned enterprise such as the Croatian Post actively engage in crypto exchange is a sign of the government’s position on cryptocurrency and blockchain. At a time when other governments across the world are stifling the crypto industry in their territories, the Croatian government seems to view digital assets positively and is creating a viable environment for the industry.
Croatia has generally been encouraging of blockchain projects. Earlier this year, Zagreb, the capital city of Croatia, announce that the city would be launching a blockchain strategy to be applied citywide. Three companies showed interest in executing the project with the city. These three companies are Deloitte, Omega Software, a Croatian open-source platform operator and IT – Nove Technologije, a Croatian software firm.