CryptoCurrency: Its Past, Present, And Future In Europe

It is no more news that majority of the world at large has settled down and adopted the use of Cryptocurrency as a new form of payment in their economy. Europe is not left out on this new development as it has developed regulations and other means, which has been a way to adopt the digital payment method. The economic activities in Europe are known to be reliable, which makes the continent’s real money have a good value in the forex market. Indeed, the introduction of digital currencies at first created some uproar, which was necessary as there were no regulations and policies guiding the use of the Cryptocurrency in the EU.

The high possibilities of crypto-currencies gaining prominence in Europe cannot be overemphasized because of its widespread acceptability among the member state and increased exchange from real money to digital money. More so, the flexibility and the freedom associated with the use of crypto-currencies have brought another level of confidence and increased usage. According to reports, the EU contributes about 20 to 23% f the world’s economic activities; show how powerful and influential the EU economy has on the world itself. With the strong influence of the EU on the world economic growth, this has placed the European Union alongside the United States as the world economic leader. 

Initially, the EU had been divided among its members about the adoption of blockchain technology, which helps in facilitating the digital currencies. Although, some members of the union like Romania took a swift step and developed policies that favor the implementation of the crypto-currencies. The recognition of the European Central Bank of digital currencies has brought about a major positive change and an increase in demand for digital currencies. Obviously, there are some member states that have adopted it as a means of payment; however, the recognition by the apex bank help increased its growth and demand. 

EU Members State Response To Crypto-Currencies

Furthermore, the polices developed have geared the concentration of all the European Countries towards the open-source digital currencies and faulting them in developing their own currency.  During the absence of widespread regulations, policies, and control on the crypto-currencies, some of the EU states have taken up the challenge about the new payment method. Although it was not easy to exchange physical currency for digital currency when the polices weren’t in place. However, recognizing cryptocurrencies as a legal tender sprouts up several organizations adopting it as a means of payment.

The goal of the EU when they developed the initiative regarding blockchain technology and adopting the digital currencies was to navigate through several challenges that might be faced when transacting with these currencies. 

The Future Of Crypto-Currencies

While the EU has been recognized as the second-largest economy in the world, it is also known for its large chunk of investment in the crypto-currencies. The future of crypto-currencies in Europe is promising, as it has in place regulation to assist the growth of the industry. More so, exchanges from physical currency to digital currency can be done on ro.exchange  for people in the European nations.