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Zagreb – India is the world’s first major economy to announce that it will not only ban but also severely penalize cryptocurrency investment.
Source: index.hr
Photo: Epa / SASCHA STEINBACH
According to the proposed new law, which is being prepared in New Delhi and about which the world media is written, investing in cryptocurrencies should be banned in India in the future.
Furthermore, the holding of cryptocurrencies would be prohibited. Indians who own cryptocurrencies would have six months to liquidate their “digital wallets.” Otherwise, they are threatened with punishment and even, as was suggested once in India, with imprisonment.
However, the Western world, including Croatia, views cryptocurrencies significantly differently than countries that are not in favor of digital money. The experts Index spoke to agree with the assessment that investing in cryptocurrencies, like any other, carries risk, but they believe that the future lies in that form of ownership.
“Cryptocurrencies are now ‘in’ and their trade is partially regulated, but there are still parts that need to be regulated. I’m afraid it is a bubble that could burst, but I also believe that it is the future,” Jasna Vuk of Index. he said to Index. RRIF College of Financial Management.
“This is actually a digital transformation of the financial industry, which, however, is not yet fully regulated. However, Croatian citizens are showing increasing interest in cryptocurrencies, the interest is growing from year to year. Estimates they say that in 10 to 15 years cryptocurrencies will become an absolute standard in our lives, and will even replace credit cards, “director of Croatian brokerage Fima Plus Milan Horvat told Index.
Interest in bitcoin is growing in Croatia
He adds that thousands of people in Croatia already own cryptocurrencies and that interest in them continues to grow. Of course, the government is more interested in bitcoin.
“Bitcoin is one of the few cryptocurrencies that does not have a business model behind it, but is based on the supply-demand relationship, similar to gold. Its popularity is partly due to the fact that it is increasingly used as an asset of investment to maintain inflation and payments so that, for example, it is accepted by Tesla and PayPal, as well as some other Internet platforms, ”adds Horvat.
He also points out that cryptocurrencies are a form of investment that allows a large number of people to invest, since the “ticket” is relatively cheap.
“Entering that market is relatively cheap, allowing for the inclusion of a large number of people. This is good because cryptocurrencies give people the opportunity to invest. Investing in other forms of property is even more expensive,” says Horvat .
The turnover of Croatian cryptocurrency exchanges last year amounted to 64 million euros.
Hanfa data also shows that cryptocurrencies are becoming increasingly popular in Croatia. According to these data, the total turnover of virtual and fiat currencies in Croatia last year amounted to 486.5 million kuna, which is about 64 million euros. Hanfa received this information from Croatian cryptocurrency exchanges.
However, they emphasize in Hanfa, it is not possible to draw a conclusion about the actual amount of turnover of Croatian citizens in cryptocurrencies because the services of Croatian cryptocurrency exchanges are also used by foreign citizens. On the other hand, Croatian citizens also use the services of foreign cryptocurrency exchanges, as all traffic takes place in the global internet space. This significantly complicates, and even prevents, the collection of data on the number of Croatian citizens involved in transactions in the crypto market.
“There are companies registered in Croatia that exchange virtual currencies and cryptocurrencies, and those from abroad are also available to citizens via the Internet. Activities related to cryptocurrencies are not regulated in Croatia by special regulations, and Hanfa does not issue work permits. , licensing or authorizing members to monitor the quality of services provided, “reads Hanfa’s response to Index’s query.
Croatia is lagging behind others in Europe in terms of willingness to accept cryptocurrencies
Although the popularity of cryptocurrencies is growing in Croatia, the country is still, according to the available research, at the European end in terms of the degree of acceptance of cryptocurrencies. Last year, the index compiled by analytics firm Cheynanalys ranked Croatia only 77th in the world in terms of acceptance of cryptocurrencies, among the United Arab Emirates and Sri Lanka.
In terms of acceptance of cryptocurrencies, most European countries are ahead of Croatia, as well as Serbia and Montenegro, while Slovenia is difficult to understand.
By the way, the acceptance of cryptocurrencies in the world is the highest in Ukraine and Russia, and the lowest in countries where cryptocurrencies are prohibited or where the authorities discourage investment in them and their use.
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