Bear market does not affect cryptocurrency adoption for payments in Croatian supermarket giant Konzum!

Croatia tops the European Union in terms of crypto adoption.

The crypto market crash that happened in May certainly made a huge dent in the market. Many countries saw a sharp decline in the adoption of cryptocurrencies and as a result the value of cryptocurrencies fell even more. However, the bear market is prolonging and causing a havoc among crypto currency players, according to a study that noted that cryptocurrency adoption rates in Croatia are actually increasing in times of recession. According to the study, it was noted that Croatia tops the EU in terms of crypto adoption.

The rise of cryptocurrencies in Croatia.

Konjam, the main supermarket chain in Croatia, announced in 2021 the acceptance of cryptocurrencies as a form of payment by customers. Since, one of the largest supermarket chains in the cryptocurrency market, the adoption rate of cryptocurrency is one of the highest. Among Croatians also began to grow rapidly.
According to the announcement, the supermarket chain began by accepting nine types of cryptocurrencies which included Bitcoin, Ethereum, Ripple, and many more.

Cryptocurrency adoption even during the potential crypto winter.

credit: bitcoinist

Croatia’s largest grocery chain Konjam has seen an increase in payments in cryptocurrencies such as bitcoin (BTC) this year, despite the crypto winter. Cozum also has a vision to make cryptocurrency a revolution for the financial sector of the economy. The supermarket chain is looking to make payments via cryptocurrencies available in all its stores and has also integrated with Electrocoin. The collaboration with Electrocoin is tipped to bring the availability of crypto payments to all physical branches in Croatia.

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A Konzum spokesperson says that, although payment options via cryptocurrencies do carry some degree of risk, skepticism surrounding cryptocurrency transactions with regards to safety and security is always prevalent in the market.

Author’s insight:

The rising adoption rate in Croatia even during a bearish market is certainly news that any crypto enthusiast would love to read. It is worth noting that although the government has not made a big deal in regulating the market, it is believed that local advocates of cryptocurrencies have started to self-regulate the market. This has certainly helped the citizens of Croatia to invest more in cryptocurrencies as there are fewer regulations and less stringent framework governing the market.

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Share your insights about cryptocurrency and let me know, what do you think about cryptocurrency adoption despite bear market in Croatia in the comments section.

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