Slovenia’s Stance on Cryptocurrency and Digital Euro
Today, Slovenia is well-recognized, particularly in Europe as a haven for innovations, technological advancements, and progressive thinking. This environment has enabled Slovenia, one of the smallest European countries to boast a rapidly growing business sector and economy. In fact, it is regarded as the richest Slavic nation, as measured by per capita GDP.
Slovenia is very attractive to investors for various reasons. One of such is its geostrategic position: located at the center of Europe, with excellent quality roads, aviation, rail and maritime infrastructures connecting with the rest of Europe, Slovenia is an ideal point of entry to the several hundred million-strong markets of the Western Balkans. Advanced ICT and physical infrastructure, high-level innovation activities open and foreign-trade oriented policies also make it favourable for business.
In the past half-decade, Slovenia has sought to diversify its economy by adopting initiatives and projects that promote blockchain technology and its first use-case, cryptocurrency. At present, the former Yugoslavian republic’s citizenry utilizes various cryptocurrencies to make payments in over 1,000 stores in the country.
Slovenia also plays host to several associations dedicated to the advancement of blockchain and cryptocurrency technologies and has a very educated and active community.
On the 2nd of October European Central Bank (EBC) published a Digital Euro report which raised the Slovenian business blockchain and fintech community’s interest.
What is a Digital Euro, and what is Slovenia saying about it?
It’s no coincidence that the European Central Bank announced its plans for a digital euro soon after China began its trials on a digital yuan. While there is still a long way to go before such a currency becomes a reality, it shows a distinct intention by the EU to not get left behind in the digital race.
As its name implies, a digital euro will be the digital or electronic version of Europe’s physical money issued by the ECB – like banknotes but in digital form. Similar to banknotes and coins, it will be accessible to all citizens and firms in the Euro area. The introduction of this digital currency is not meant to replace cash, but rather to complement it. Even after a digital euro becomes available, the ECB will ensure that all citizens have access to euro banknotes and coins across the euro area.
On November 26th of last year a discussion on the digital euro was organized by four organizations from the Slovenian Digital Coalition, namely Blockchain Alliance Europe, Blockchain Think Tank Slovenia, Bitcoin Association Slovenia and Slovenian Blockchain Association.