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Croatia Opens New Bitcoin Store to Buy Cryptocurrencies for Old Cash

One of the local cryptocurrency exchanges in Croatia is now allowing customers to buy cryptocurrencies using fiat, over the counter with new “Bitcoin store”. The exchange says it hopes to expand in other cities and region depending on demand.  

A regular physical store “Bitcoin.store” in the Croatia City of Split is selling Bitcoin, Ether and other altcoins over the counter in exchange for local money. Located on the Hrvatske Mornarice Street, the shop is run by Bitkonan, a Croatian crypto exchange.

Counter shop for cryptocurrencies

Being an over the counter shop for cryptocurrencies, it is the first of its kind in the city. But Bitkonan wants to add more shops of this kind to serve residents and guests in other cities and even region, all depending on the demand for the services in neighboring countries. For instance, it will start to expand the services to Zagreb and Rijeka.   

The company also allows customers to buy cryptocurrencies through banks in the country, thanks to its Coinvendor project.

It is an example of increasing interest in cryptocurrencies in the country and world over. For instance, Croatia has already attracted very many crypto-related businesses and many more are accepting payment in cryptocurrencies. The crypto community is also expanding. Besides, Croatia capital city Zagreb, the second-largest city Split, Rijeka, and Pula recently had Bitcoin ATMs installed.

Support for all Cryptocurrency matters

The local cryptocurrency community established the Udruga za Blockchain i Kriptovalute (UBIK), or Blockchain and Cryptocurrency Association with an aim to help authorities make informed decisions about cryptocurrencies. Not only is the association ready to offer support and advise to authorities on cryptocurrency related matters including regulation, it is also providing legal, financial, and technical support to its members. This is even as the Croatian government is hesitant to adopt a comprehensive regulatory framework on cryptocurrencies. However, The Croatian National Bank (HNB) said last year that cryptocurrencies are not a legal payment method under current law. The central bank also said cryptocurrencies are not electronic money.  

What is your take on over-the-counter cryptocurrency trades at a physical store?

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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