Culture & Cryptos
This is one of those hidden jewels. Slovenia is such an enchanting nation, my mouth dropped when I saw the images during my studies to write this blog post. (Shy moment) Can I be super honest? Shame on me, but I had never heard of Slovenia. I had no idea what I was missing out.
The country is 60% GREEN. With forests everywhere, it is one of the most heavily-forested countries on the globe. All you see is nature all around, seems like one of the most peaceful places on earth. As a matter of fact, according to USANews.com, it is in the top 10 most peaceful nations in the world.
The Republic of Slovenia, is a small country in Central Europe, with a population of just over 2 million. It´s capital and largest city is called Ljubljana, which means “Loved one”. It is also the only nation in Europe combining the Mediterranean, the Alps, the Pannonian Plain, and the Karst. Bordered by Hungary, Italy, Austria, Croatia, and the Adriatic Sea.
The beautiful land has almost 3 thousand churches, chapels, and religious movements. As well as almost 500 castles, manors, and ruins.
The country is also famous for allowing people to pay to spend the night in a prison cell. This is an ex-prison turned into a modern and bright hotel. Definitely, something you do not find everywhere.
Cryptos in Slovenia
Okay, now that you can probably picture this, let’s jump into why Slovenia is becoming a crypto hub.
Although this is a small nation, it contains more retail locations accepting bitcoin cash payments than the entire USA.
One of the foremost factors that make Slovenia an international crypto hub is the welcoming regulatory approach; it has also been a pioneer in Blockchain research. Actually, it is the most recognized blockchain destination in the EU.
We understand it is not easy to live off cryptos around the world just yet. However, if you search for BCH accepting merchants, you will find out Slovenia pops-up above all others in Europe.
According to USnews.com it has an open business attitude with cheap manufacturing costs, which is attractive to startups.
The country has a well-known Bitcoin city which has a shopping mall with over 100 stores accepting BCH through an app called Elipay. But it doesn’t end there, that is only 1/3 of all the 300+ stores accepting cryptos in the nation.
Elipay is a crypto wallet helping merchants in the country to accept cryptos as a method of payment. The application accepts BTC, BCH, ETHER, AND ELI TOKEN.
In addition, it helps beyond explanation that the country´s political leadership is open to the cryptocurrency and blockchain technology.
The capital income from cryptos is not subject to income taxation for individuals. Therefore, the income tax for cryptos makes the nation particularly attractive for entrepreneurs in the crypto industry.
However, although individuals enjoy the no tax for crypto transactions, this doesn’t apply for businesses nor miners, which might make it difficult to find vendors that accept cryptos.
So, it´s safe to say that Slovenia is winning the world´s attention for great crypto reasons.
The finance ministry has made it clear it doesn’t consider cryptos a currency nor an asset. Still, it is absolutely legal in the country.
And last thought but not least, you should know that the country has instituted a “watchdog”. In other words, it is someone who is in charge of the FINANCIAL STABILITY BOARD. He so happens to be the governor of the country´s central bank. Recently, they forced a bank to stop selling cryptocurrency at their ATMs claiming it is not considered a financial instrument.
As you can see, there could be a conflict of interest in the nation. At the same time, it is so welcoming to cryptos, banks are fighting for their ground. With that said, it is important to stay up to date if you are interested in having your startup in Slovenia.
If Slovenia´s banks become malleable towards cryptos, and taxation becomes more favorable towards businesses, the country will be unstoppable. By that I mean, it will become one of the top crypto hubs around the globe. But for now, this is it. Let´s keep an eye out to see how this turns out…
If you have any news about Slovenia, or would like to comment please feel free to do so.
Hope you have enjoyed this as much as I did.
Until next time,
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.