Baltic states such as Lithuania, Estonia, and Latvia make use of cryptocurrencies. Real estate, online trade, hospitality industry, and even healthcare, accept cryptocurrency payments. As a result, there is an increase in the use of cryptocurrency payments in Baltic states.
The Growth of Cryptocurrency payments.
According to Bitcoin.com, In Baltics Real estate sells lands and apartments by accepting cryptocurrency payment. The buyers will be soon able to purchase homes in the Auriai cottage settlement, which is not far from Vilnius, the capital of Lithuania. In Latvia, Baltic Sotheby’s International Realty is selling penthouse apartments in Jūrmala for bitcoin. Also Estonia, LAAM Kinnisvara is accepting cryptocurrency for apartments.
Even Clothing companies accept cryptocurrencies. The United Colors of Benetton franchisee in Lithuania said a month ago they will accept cryptocurrencies. Also some of the fashion brand stores in Vilnius now accept bitcoin, etherium, dash, NEM, and steem with support of Coppay.
“Our employees like it because it’s simple and easy. No additional training was needed”, said Arturas Zuokas, co-owner of the company and former mayor of Vilnius.
Bitcoin ATM’s can be located in the capitals of Estonia and Lithuania. A lot of business is now accepting cryptocurrencies cafes, bars, restaurants, many hotels, others. A total of 30 in Vilnius, 26 in Tallinn and 21 in Riga accept cryptocurrency payments, according to Coinmap.
Cryptocurrency is still not regulated yet.
There is no regulation for cryptocurrencies in these Baltic states. Recently in Latvia, they have started to apply taxation on cryptocurrencies. Officials in Riga said that bitcoin could “function as a means of exchange”. And due to that 20% tax will be taxed on profits from sales with cryptocurrency.
In coming days regulation will be formed, the central bank of Lituania is working with some representatives of cryptocurrency area to form possible regulations.
What do you think of the adoption of cryptocurrencies in Baltics states? let us know in the comment below.
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