Bitcoin Gains Popularity in Romania

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bitcoin illustrationRomania, the twelfth biggest country in Europe, is getting more interested in Bitcoin. According to statistics provided by Coin Dance, bitcoin trading volume in Romania has swelled during the last one-and-a-half year.

At the same time, CoinFlux, a local digital currency exchange in Romania, announced that digital currency worth $23.8 million has been traded across its exchange ever since it was launched in December 2015.

About CoinFlux

CoinFlux allows the residents of Romania to trade in ethereum, litecoin, ether, and bitcoin. Although a number of altcoins are being offered, the trading focus on CoinFlux is on ether and bitcoin.

CoinFlux founder Vlad Nistor said: “Most of our transactions in the last quarter involved bitcoin (89%), but we have witnessed an increase in interest in other currencies, especially ether.”

He further said that, so far, the exchange had focused on the Romanian market and has joined MVP Academy, one of the top Romanian accelerator programs, to get the support required to implement its strategy of expanding into other countries in the European Union (EU).

He also said that the government of Romania is very cautious about digital currencies, including bitcoin. Voicing his opinions, he said that he considers this to be “reasonable” as the European Central Bank is the country’s only financial authority. He said that the European Central Bank and the Romanian National Bank have issued several warnings against digital currencies while stating that risky products that may undermine the banking sector and customer protection will not be permitted.

Romania’s Bitcoin Ecosystem Expands

Bitcoin Romania, an operator of bitcoin ATM networks and a bitcoin exchange, announced that it will partner with Smith & Smith, a money transfer operator in the locality, to offer bitcoin payments at 70 places all over Romania. This partnership was signed on March 24, 2017 and will permit consumers to exchange cash for bitcoins without having to link their bank accounts to the online trading platform of Bitcoin Romania.

Bitcoin Romania CEO George Rotariu said that the purpose is to simplify bitcoin trading “both in terms of processing time and in terms of proximity to customers.” He further said that his company is happy to add instant withdrawals and cash in partnership with Smith & Smith to its product and service portfolio, which already includes a national network of ATMs and instant bank transfers. Since Smith & Smith agencies are conveniently located, users from different parts of Romania can make successful transactions, he said.

Overall Growth

The growth of tech start-ups in Romania is leading to an increase in the activities of entrepreneurs in the Bitcoin industry.

In addition to CoinFlux and Bitcoin Romania, start-ups such as Coinfetti, a mobile bitcoin wallet, and BtcXchange and BitcoinxRomania, both bitcoin exchanges, are going the extra mile to introduce the benefits of bitcoin use to the residents of Romania.

In spite of all these developments, mass adoption of Bitcoin is hardly a reality in Romania. But the developments definitely create opportunities for start-ups to gain entry into the market, make innovations, and generate changes in several sectors.

March 31, 2017: • No Comments

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