Serbia allows digital currencies – Serbian MonitorSerbian Monitor
The growing influence and attraction of digital currencies and cryptocurrencies is now visible and felt around the world, with more and more countries starting to accept their presence in their respective economies.
Cryptocurrencies, in particular, have taken the world by storm since early 2020, with Bitcoin as Bitcoin, Dogecoin, Ethereum and many other tokens that are seeing their prices increase in an astonishing way. It has without a doubt been the best year for cryptocurrencies since their introduction, as this current rally has seen almost all of the major crypto coins hit and then surpass their highest prices in life. It has naturally generated a lot of interest around the world, and there have been various reactions to it. We have even seen various lines of business and industries completely embrace crypto as a tool to improve their operations and provide even more engaging services to customers. One of the best examples of this is the online gambling and casino industry, where several casino operators now have the option for users to place bets through cryptocurrencies. It’s a pretty attractive and innovative way to use crypto – we’ve seen it litecoin live casino with offers to play live casino games online to try and simulate the casino experience from home, with winnings paid out in the form of Litecoin and other digital currencies. It shows how crypto can be used to completely transform the way a business operates, but this innovation has not been greeted with the same enthusiasm by governments and banks around the world.
While some governments have embraced crypto and tried to encourage the industry, others restrict access and ban crypto, due to its allegedly unregulated nature and the possibility that it could be used to fund illegal activities. . While many of these concerns are legitimate and require solutions, outright bans aren’t going to help, as demand for crypto isn’t going to go away, and restricting access will only force people to use coins. illegal means of trying to enter the market, which ironically is the very thing governments want to protect their citizens from. With that in mind, it was quite encouraging that Serbia joined the list of countries that allow digital currencies.
Trading in digital currencies was legalized in Serbia by a law passed on December 29, 2020, and it will enter into force at the end of June 2021, giving the public and industry players six months to prepare for and adapt to it. change. The bill was first announced by the Serbian securities regulator in October 2020, in partnership with the National Bank of Serbia, the Ministry of Finance and the Ministry of the Economy. This law recognizes digital currencies such as Bitcoin, as well as digital tokens, the country’s central bank and the SEC regulating and enforcing the law. Digital tokens are seen as particularly interesting, as they have the potential to create more opportunities for investors through the tokenization of goods and assets. The SEC will also soon begin issuing exchange licenses to operate in the country, which will give Serbs access to the crypto market. OTC trading as well as the use of smart contracts in the secondary market will be permitted. The move also marks a welcome change in attitude on the part of Serbian authorities, as the central bank previously banned the country’s banks and financial institutions from processing transactions in digital currency. Interestingly, this provision still applies and has not been lifted, but with digital currencies now recognized in the country, it is surely only a matter of time before transactions are also allowed.