Blockchain in Cyprus: active steps towards a new economy
https://bitcoingarden.org/blockchain-cyprus-active-steps-towards-new-economy/For many years, Cyprus has been the Europe financial center due to the advantageous geographical location and beneficial taxing system with no double taxation. The country has never lacked talents: several educational establishments graduate specialists in economy and finance.
In 2013, the country suffered a debt crisis that paralyzed the Central Bank. In addition, the taxation on bank deposits was approved. These aspects lowered the republic position in the financial world. Nevertheless, such new technologies as cryptocurrencies and blockchain are warmly welcomed. Nowadays, Cyprus rides on a wave of decentralized economy. The country is attractive to blockchain startups and is likely to be among the pioneers of blockchain inclusion in the government control.
It is bitcoin that shown the existence of decentralized technologies to the majority of the Cypriots. The banking crisis in 2013 made people look for alternative ways of funds storage. In those days, bitcoin was steadily increasing, thus, more attractive compared to bank deposits. Currently, the Cypruss economy is stable but the number of traders and owners of digital currency doesnt decrease. That is another reason why the Cypriots have a positive stance on blockchain innovations: they understand how it works...