Czechs are More Fond of Cryptocurrencies than Euro

Czechs are More Fond of Cryptocurrencies than EuroAccording to a new poll about attitudes toward currencies other than the koruna, it seems that Czechs are believing more in cryptos than in euros in term of storing their assets.

The study itself was being made this month and it covered base of 525 people. Cryptocurrencies, especially bitcoin and ethereum, have become the most popular currencies, when it comes to investment opportunities. Almost 11% of the respondents in an Ipsos poll admitted they were thinking about acquiring digital coins. Fewer Czechs said they would consider buying euros – 10.3%.

However, as the survey stated, Czechs are still being pretty cautious when it comes to cryptocurrencies. Although cryptocurrencies like bitcoin and ethereum are now the most popular cryptos in regards to investment opportunities.

The survey also discovered that up to a third of Czech individuals, that is up to 30 per cent trust their free floating fiat. The second most trusted traditional currency in Czech is the Swiss franc, which recorded a percentage of 26.

This certainly isn’t news because in December last year, a Czech company has sold the first apartment in the Czech Republic using bitcoin. The apartment in Prague was bought by a Russian citizen last month for 35 bitcoins, which was more than five million crowns at the time.

Russian buyer then said that he thinks of bitcoin as the future of the money sector with the advantage of an easy transfer compared to regular currencies.

Czech real estate companies are hoping that in the future, such transactions could be of interest to the Chinese, who are among the biggest crypto-currency users.

In the Czech Republic bitcoin has been accepted by internet retailer Alza or some Subway fast-food branches since summer. The Czech Republic is also one of the first countries where people can buy housing, but also household equipment or refreshments.

In January this year however, the Czech Republic has introduced a law restricting bitcoin. Previously, the Czech Republic had no law regulating cryptos. An anti-money laundering law prepared by the Finance Ministry requires virtual currency exchanges to determine the identity of customers.

The law has been endorsed by the House and now heads to the Senate. Cryptocurrency users have called the law a disaster. For now, the law only considers financial service providers. Someone who accepts payments in virtual currency only but does not provide other services like virtual wallets are not obligated.

Teuta Franjkovic

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