Croatian retail giant sees increase in crypto payments regardless of the bear market

Payments in cryptocurrencies like Bitcoin (BTC) have been receiving an upswing at Croatia’s largest supermarket chain Konzum this season regardless of the ongoing bear market.

After debuting crypto payments in 2021, ​​Konzum has witnessed an growing trend for this kind of payment, the firm’s director of economic applications Ines Barbir told Cointelegraph.

​​Konzum formally began accepting cryptocurrencies as payment because of its products in December 2021, allowing people to pay online with nine cryptocurrencies like BTC and Ether (ETH) in addition to Tether (USDT) and USD Gold coin (USDC) stablecoins.

The supermarket chain has since expanded the crypto payment choice to several self-checkout cash registers in physical pilot stores. Konzum can also be working using the local crypto payment firm Electrocoin to create crypto payments to any or all 700 physical stores across Croatia.

Based on Barbir, the rollout from the new payment method continues to be implemented effectively, and Konzum has positively been focusing on expanding its crypto payment option. The manager didn’t specify the precise figures of payments’ volume growth since debuting crypto payments.

A spokesperson for that firm noticed that rising crypto payments on Konzum come using the growing adoption of crypto in Croatia, stating:

“Regardless from the bear market, we’re pleased with the eye which will keep on growing. The general curiosity about cryptocurrency payments is constantly on the increase continuously along with the interest for that implementation of cryptocurrency payments in Croatia.”

The representative noted that Croatia is “at the very best within the European Union” with regards to the amount of crypto adoption. That’s “partly because of the rise of fintech the likes of our partners at Electrocoin,” the spokesperson added.

The representative still pointed out some uncertainty around crypto payments, stating: “The reason behind this really is mainly because of the insecurity and suspicion in technology, but additionally because of the condition of regulating the crypto industry.”

Related: European banking regulator sees ‘major concern’ in retaining staff to deal with crypto: Report

The federal government of Croatia continues to be somewhat silent about cryptocurrency regulation recently, while local crypto advocates happen to be working towards self-regulation. In 2018, the nation’s Bank of Croatia emphasized that cryptocurrencies weren’t legal tender in the united states, nor were they acknowledged as forex or payment instruments.

Despite some degree of apparent uncertainty around crypto, Croatia has emerged among the most crypto-prepared countries on the planet. Based on a report through the foreign exchange education platform Foreign exchange Suggest, Croatia has a crypto-readiness score of 6.2 from 10, alongside countries such as the Uae, Georgia and Romania.

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