- Croatia now offers the opportunity to exchange Bitcoin, Ether, XRP, Stellar Lumens and EOS for the local currency Hrvatska Kuna (HRK) at selected post offices.
- This gives cryptocurrencies a further step forward in adaptation and brings them into contact with millions of people.
The adaptation of Bitcoin and other cryptocurrencies is largely responsible for its distribution and use in people’s everyday lives. Although more and more companies are recognising the potential of blockchain technology, there is still a lack of further acceptance points for cryptocurrencies in order to guarantee mass adaptation for the general population. Croatia, an Eastern European country, makes a small contribution to this.
Post in Croatia allows BTC, ETH, XRP, XLM and EOS to be exchanged for national currency
According to an official announcement of the post office in Croatia it is now possible to exchange 5 cryptocurrencies, including BTC, ETH, XRP, XLM and EOS, for the national currency in 55 selected post offices. The list shows that this includes many post offices from major cities such as Zagreb, Dubrovnik, Zadar and Split. The crypto-enthusiast “XRP_Cro” was first to draw attention to this message on Twitter.
Awesome #crypto news in Croatia
The national Croatian Post has announced that it will be able to convert cryptocurrencies to national currency Hrvatska kuna in 55 of its offices ?
It is possible to convert XRP (Ripple), Bitcoin, Ethereum, Stellar and EOS#xrp #fintech pic.twitter.com/tEY3xNaLgn
— XRP_Cro (@stedas) December 11, 2019
Post’s instructions describe that a special sales service or exchange service for cryptocurrencies has been set up. First of all, identification is necessary, which can be done using an identity card or passport. Optionally, an e-mail address can also be submitted. In addition the employee of the post office must be informed how high the exchanged amount should be.
The postal employee will then issue a coupon with a wallet address suitable for the cryptocurrency belonging to the postal service. The customer must now send the desired amount to the wallet and will receive a written confirmation of the successful completion of the transaction if an e-mail address is provided. Once the transaction has been completed and the cryptocurrency has arrived at the post office, the customer can go to the post office with the voucher and have the money paid out in the local currency.
The post further states that the process can take up to half an hour, but usually it is done in a few minutes. Depending on the transaction speed of the respective cryptocurrency, different amounts of time may be required to process transactions. Ripple’s cryptocurrency XRP can handle transactions almost in real time, so this payout should be completed after a short time.
Within 24 hours, cryptocurrencies can be sold for a total of 7,000 USD, with a minimum value of 1 Lipa (the smallest unit of Croatia’s national currency). Payment will be made in Kuna only and not in any other Fiat currency such as Euro or USD. There are no additional fees for the sale. The post says (freely translated):
We buy your cryptocurrencies at a price that differs 6% from the combination of the market prices of various crypto currency exchanges at the time of production.
Blockchain and cryptocurrencies on the advance
This step shows that another country is open to innovations and cryptocurrencies. A major obstacle worldwide continues to be the often unclear legal framework. Many industry experts, including Ripple CEO Brad Garlinghouse, have for some time been appealing to local authorities to make progress so as not to hinder innovation and new ideas.
A new report states that many companies have taken the first hurdle to integrate the blockchain into their business processes and thus created the basis for further developments (freely translated):
Blockchain is becoming a reality, that is the key message. This spike in adoption is really a proof point that the value and the feasibility of leveraging blockchain in payments has been proven.
It remains to be seen what further developments can be achieved in the area of confidence building and adaptation progress in the near future.
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