The Cryptocurrency Surge of Eastern Europe

Vladimir Putin, the President of Russia (left) with Alexander Lukashenko, the President of Belarus (right)

Eastern Europe states have long been troubled economically and politically since the dissolution of the Soviet Union in 1991. However, the troubled region’s globalisation upon joining the EU during the 1990s and 2000s has led to an increase in opportunity and investment. Still largely under Russian influence as well, the region seems to be swiftly recovering from economic mishaps of recent decades. Great interest and usage of cryptocurrency has largely aided this. Cryptolydian analyses this surge in cryptocurrency in Eastern Europe.

Cryptocurrency in Eastern Europe

Venture Beat reported in 2018 that of the top five countries with cryptocurrency interests, four of them were in Eastern Europe. These are Kosovo, Lithuania, Belarus, and Georgia. All four of these countries have been encouraging more crypto-friendly environments in their financial fields. In all four of these countries, cryptocurrency was largely more affordable than in most other countries.

All four of these countries have also historically had very volatile economies and fluctuating currencies. Perhaps, like many other developing nations adopting crypto-friendly policies, the Eastern European countries view digital assets as a stable alternative to fluctuating markets and unstable banks.

Regulation

Russia recently legitimised cryptocurrency in a show of support for the digital asset market, which has increased in popularity lately. However, Russia has heavily regulated cryptocurrency in a bid to protect and monitor assets. Russia’s sphere of influence of course extends into Eastern Europe and Central Asia. Both of these regions will surely be welcoming of Russia’s move towards to a crypto-friendly environment.

Cointelegraph reported that Poland, Ukraine, Belarus, Estonia, and Lithuania, amongst others, have also increasingly been regulating cryptocurrency usage through legislation and oversight mechanisms, as the need and want for a friendly digital asset market is increasingly desired in these individual states.

Bitcoin.com reported in January 2020 that Eastern European nations have been seeing an increase of cryptocurrency options, as more crypto exchanges focus their attentions on this integral region. A future of growth is sure to follow Eastern Europe’s blockchain revolution.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.