Bitcoin Store for Fiat Money Opens in Croatia

A Bitcoin store that sells Bitcoin and other digital currencies with receipts has opened its doors in Croatia. The shop is an excellent addition to the booming crypto sector in the Balkan country. The project’s team seeks to expand to all major Croatian cities and other nations in the region.

The new walk-in point of sale is located in a popular Adriatic coast tourist destination, the Croatian city of Split. The store on Hrvatske Mornarice Street presently offers direct deals of Ether, Bitcoin, and other altcoins. The premium is roughly 5 percent above the average Coinmarketcap prices. The store issues a proof of purchase and receipt for tax reporting purposes.

Bitcoin Store is arguably the first of its kind in the nation and on the Balkans. The Croatian crypto exchange behind the project, BitKonan, considers offering similar over the counter (OTC) solutions to locals and guests of their central cities beginning from Rijeka and Zagreb. The team also aims to expand in the region depending on the demand for such service in neighboring nations.

The Croatian crypto sector and trading have witnessed a rapid development. Bitfalls’ Coinvendor project is already processing direct purchases of digital coins via bank transfers, and its services are available worldwide. The Bitcoin Store in Split includes another dimension, offering digital currencies for fiat money.

Interest towards the blockchain technologies and cryptocurrencies like Bitcoin has drastically increased in Croatia in the past couple of years. The local crypto community has grown with several new crypto businesses and companies accepting payments in crypto. Bitcoin ATMs have been installed in major Croatian cities, including Pula, Rijeka, the second-largest city Split, and the capital Zagreb.

On the other hand, the Croatian government has yet to respond accordingly to the Bitcoin boom and adopt a proper comprehensive regulatory framework. The Croatian National Bank (HNB) has taken a conservative stance, stating that digital currencies are not legal methods of payment under the country’s existing laws. The central bank also mentioned that they should not be considered electronic cash.

Croatian crypto enthusiasts and blockchain businesses announced earlier this year their intentions to “help authorities take informed decisions” regarding the digital currency sector. The local crypto community created an organization named Udruga za Blockchain i Kriptovalute (UBIK) which means Blockchain and Cryptocurrency Association. Its primary duty is to channel their efforts towards adopting useful regulations. UBIK is confident to advise authorities on all matters related to crypto. It will also offer financial, legal, and technical assistance to its members.