Cyprus Island Could Become Bitcoin Cash Haven
Mass adoption of cryptocurrencies continues to be the fevered dream of most holders of popular digital currencies. The mass adoption of any one currency would mean several things, mainly that crypto would spike significantly in price and instantly gain functionality ten-fold. But for most places around the world, mass—or even common—adoption still remains an unfortunate dream. In order for major cities or countries to adopt the currencies totally, there would need to be significant change to the status quo of economic transaction.
Watched the latest @rogerkver weekly update yet?
— Bitcoin.com Official (@BitcoinCom) July 30, 2018
But Bitcoin Cash officials say that the currency might see mass adoption on one specific island. Although this certainly would not mean that the currency would instantly see the many benefits of mass adoption, it could be an important test-case for the common usage of cryptocurrencies within an isolated area. The island is named Cyprus Island, and the community seems to already be gearing up to accept Bitcoin Cash as one of the main ways to pay within thousands of stores and merchants within the small city.
Key proponents of Bitcoin Cash have stated that they continue to work with both the government and leading financial authorities on Cyprus Island in order to find new ways to accept the currency in the traditional economic environment. The move was first outlined during a podcast with Roger Ver, a leading Bitcoin and Bitcoin Cash personality.
Mass Adoption on Cyprus
In Ver’s podcast, local Bitcoin Cash proponent Dimetrios Neocleous spoke on the issue, remarking that over four thousand individual merchant stores plan to begin accepting cryptocurrency (Bitcoin Cash) payments by the end of the month of November of this year. This, he said, will account for nearly 70% of the total merchants on the island.
There have been some notable obstacles on the road to the adoption by the majority of merchants on the island, but a group of Bitcoin Cash proponents have been working with local authorities, as well as officials in the EU, to integrate the currency with the help of “Venmo-type payments.”
The group was even able to gain access to the President of the small country and gain his approval for mass adoption on the island. They were able to hook the staff of the government up with their own Bitcoin Cash wallets, an important step on the road to institutional embrace of the budding financial technology.
The central bank of Cyprus has yet to begin to process cryptocurrency trade or transaction. However, the general sentiment on the island is certainly in favor of the cryptocurrency, with a university even accepting cryptocurrency as payments for tuition and housing. Furthermore, the university also has begun to offer a class on blockchain and distributed ledger tech to its new class of incoming students.
Cyprus began to move towards cryptocurrencies in part as an alternative to the harsh economic conditions spurred on by the country’s financial crisis they experienced in 2013. Starting with talks of Bitcoin, the country eventually began to fully embrace Bitcoin Cash, likely due in-part to its lightning fast transaction speeds and low fees.