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Regulation of Cryptocurrency in Serbia

by Bertha Rugg

We are facing some huge changes in the world caused by the Coronavirus crisis. However, this time we won’t talk here about health problems and rules that you need to respect. The pandemic will sooner or later end and life will continue in the same manner as before. Still, will the economies of different countries in the world be the same? Unfortunately, the answer to that question “no”.

Let’s analyze two countries in the EU that had to face the pandemic in a more complex way. Spain and Italy are two places where millions of tourists come monthly. Yet, all European countries locked down their borders and that harmed tourism. Many hotels, cafes, and restaurant owners had to close their businesses. They were not able to survive the crisis and all of their employees lost the jobs. Keep in mind that tourism in these places was highly developed. People participating in this industry were not prepared for this scenario. In other words, nothing in the business world is certain even when you are at the top.

 

Will Cryptocurrency Survive?

img source: economictimes.com

 

People that are well-familiar with this subject know that Coronavirus affected this industry as well. The value of Bitcoin and other altcoins also went down. The main reason why something like this happened is panic. People start selling their coins because they lost their jobs. They urgently needed money to survive the crisis and this seemed like the best choice. However, this doesn’t necessarily mean that the cryptocurrency industry won’t survive. When the borders open, tourism in all countries will continue to improve. Of course, things won’t be the same as before and it will take time until things get back to normal.

Things that we said also count for the crypto industry. Some experts even believe that investing in digital currencies now is the best possible choice. People that are not willing to spend a fortune can now get digital assets for an affordable price. As we said, sooner or later, things will get back to normal. This means that the value of the cryptocurrencies will raise as well.

However, if you are not familiar with this industry, the right moment to invest does not exist. You need to inform yourself about every aspect of this industry before deciding on this move.

 

How to Improve Investing Skills?

img source: newsbtc.com

 

The first thing that you need to do is to read articles like this. Getting familiar with the subject theoretically is the first move. After that, it would be great to network with more experienced investors and collaborate with them. They can share their knowledge and experience with you. Despite that, there are platforms such as de.cryptoengine.app that can prepare you well for the next “Bitcoin-Boom”. We recommend you visit the website that we attached and see which opportunities you have.

 

Using Cryptocurrencies in International Travel

img source: trastra.com

 

Most of the people in the world love to travel to different destinations. However, closed borders are not the only reason why people do not travel. Lack of time is the main reason why we don’t travel more often. Despite that, our budget does not allow us to travel to all the destinations that we want. Because of that, tourists want to find different ways to save money.

The usage of digital currencies in international travel would help you achieve that. First of all, you will avoid multiple currency conversions that bring additional costs. You can avoid that by carrying a huger amount of money together with you. However, that can be a challenging thing. What if you lose money or someone simply steals the savings that you have? Despite that, it can happen that foreign merchants are not as honest as you think. Because of that, exposing your credit card essentials would be wrong.

If you are were using digital currencies before, you know that this sort of problem does not exist. You are perfectly safe because of the different security regulations and measures. Yet, this is not always going to be an option that you have. The governments of many countries still haven’t legalized cryptocurrency-based payments. One of those countries is – Serbia.

 

Is Cryptocurrency Legal in Serbia?

img source: prnjavorlive.info

 

The first thing that you should know about Serbia is that this country is not the part of EU. If you plan to come here, you will have to exchange your currency to Dinars. The value of 1 dollar is around 107 dinar, while the value of 1 euro is around 117 dinars. These two pieces of information would be good for people that do not want to use cryptocurrency-based payments. Yet, are these sorts of payments even legal?

Using cryptocurrencies as a payment method is not possible in Serbia. The country’s regulations do not consider Bitcoin or any other digital currency as financial transactions. In 2014, the National Bank of Serbia announced that cryptocurrencies do not meet the necessary conditions. Because of that, the law of this country can’t consider them as electronic money. Yet, this doesn’t mean that the law won’t adapt to the new type of payments soon. Many Serbian entrepreneurs are willing to start accepting cryptocurrency-based payments. However, for now, you won’t have the chance to pay for different products with your digital assets.

Yet, since 2019, the first steps of adaptation have been made. The country got the first crypto exchange where you can exchange digital currencies to dinars. Before this happened, citizens of Serbia only had the chance to do that through an intermediary. In other words, they had to exchange their coins into Euros and then do the Dinar exchange. Logically, this was making some additional transactional fees. It was a problem for the tourists that are using them in their home country.

Still, there are some limits that every tourist needs to know about. Currently, only four digital currencies you can exchange to Dinars. Those four currencies are Bitcoin, Safex, Safex Cash, and Curium. If your digital currency is not on the list, you will have to exchange it in some other place before coming here.

 

Conclusion

img source: wikimedia.org

 

Well, using Bitcoin and other altcoins is still not quite popular in this country. Still, many people in Serbia are getting the necessary pieces of information from the internet. They are willing to learn more about the youngest industry in the world. Analyze once again everything we said and be careful not to make a mistake.

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