Croatia’s Largest Supermarket Chain Sees Increase in Bitcoin Payment
- Croatia is one of the countries with a growing interest in cryptocurrencies.
- Since the COVID-19 pandemic, the Croatian economy has adopted a more tech-friendly approach.
The bear market has led to a reduction in trading activity around the world. However, a Croatian chain store has impressively recorded a growing use of bitcoin. Konzum began to accept BTC as a means of payment last year during the bull market. The supermarket also allowed customers to pay in other cryptocurrencies such as Ether and stablecoins like USDC and USDT. But despite the slow state of things, the retail store’s director of business applications, Ines Barbir, revealed that payment in cryptocurrencies has not declined.
The grocery chain has also added numerous self-checkout cash terminals in local pilot shops to the list of payment options that accept cryptocurrency. The firm is putting all of its effort into expanding cryptocurrency payments to all of its 700 physical establishments in Croatia. Konzum is reportedly collaborating with the regional cryptocurrency payment provider, Electrocoin, to broaden its options.
Cryptocurrency is gaining a stronghold in Europe and the recent increase in crypto payments in Croatia shows the rate of adoption in the continent. An insider in Konzum told Cointelegraph that the growth of crypto payments in Konzum only reflects the popularity of digital assets in Croatia. The spokesperson said,
Regardless of the bear market, we are satisfied with the interest which keeps on growing. The overall interest in cryptocurrency payments continues to increase steadily as well as the interest in the implementation of cryptocurrency payments in Croatia.
According to the official, Croatia has a leading spot in the European Union in terms of the acceptance of cryptocurrencies. The representative also added that this growth is partly tied to the presence of fintech companies such as Electrocoin. The increase in the number of fintech and tech-inclined start-ups has made Croatia one of the fastest growing economies in Europe.
Croatia and its Growing Crypto Market
Since the COVID-19 pandemic, Croatia has been one of the fastest growing hubs of technology. The lockdown era hastened Croatia’s transition to a digital society. In reaction to the outbreak, businesses immediately adopted cloud technology to facilitate remote working, stores launched online sales, new government services were made available online, and consumers expanded everyday online communication and online purchases. Even education was carried out online.
The nation’s government embraced a tech-friendly approach to governance. As a result, investors and VCs have rushed to the growing Croatian market. However, as regards crypto payments, the country still has some distance to cover.
According to the Konzum spokesperson, there is still some ambiguity around crypto payments. This is mostly due to insecurity and skepticism about new technologies and the unclear status of crypto regulation in the country.
The Croatian government has been rather quiet in regulating the crypto industry. This assumed silence has caused many project founders and locals to tread with care until the government provides clarity.
The regulatory uncertainty has not stopped the crypto market in Croatia from advancing. Croatia has become one of the nations with the best crypto infrastructure in the world. The European nation, along with countries like Georgia, the United Arab Emirates, and Romania, have all seen a spike in cryptocurrency interest.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
