The Baltic states have embraced the Cryptocurrency Industry which has made the digital coins immensely popular. With no particular regulations imposed on Cryptos yet, the various Industries of Baltic states have sought-after making payments with Cryptos. Not just that, some of the business services are also getting conducted throughout the world with the help of cryptocurrencies.
“Bitcoin Tigers” of Europe:
The people and the government of Lithuania, Latvia and Estonia have accepted the virtual Currency Industry. One can buy a cup of tea or pay for hotels and clinics using Cryptos. All business services are widely accepting crypto payments and these states are emerging as the “Bitcoin Tigers” of Europe.
Buy anything you want with Bitcoins:
Lithuania, Latvia and Estonia are all accepting cryptos for any real estate business. Apartments in Jūrmala and Maardu are now available to be bought with Bitcoins. Bitcoin ATMs are available in Estonia and Lithuania and the majority of the business outlets are accepting bitcoin as a mode of payment. The ones which haven’t yet accepted the digital coins, are catching up real quick.
Payment solutions :
Lithuania is building up an outlet similar to the one Coppay has established. With the help of their collaboration with Prestashop, Lithuania aspires to provide online payment solutions to 80,000 traders globally.
Status of Regulation :
The Baltic States have not imposed any regulations on cryptocurrencies yet. Latvia has partially imposed taxation on Cryptos. Riga has imposed 20% taxation on any profitable income that comes from using cryptocurrency.
Central Bank’s stance on introducing regulations:
Lithuania’s Central Bank opposed the Digital Currency Industry for quite some time. It is now considering the opinion of eminent personalities of the cryptocurrency Sector to form a proper regulatory system. “The blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere”, stated an official from Lietuvos Bankas last week.