Eastern Europe coming out of the Soviet yoke was always a place for digital ingenuity. Estonia has created a service sector based economy. Lithuania is now emerging as a hub of cryptocurrency mining and utilization.
There is a demand in Kiev, the capital city of war torn Ukraine to raise a statue of Satoshi Nakamoto. The country which hated the statue erection of Lenin and Stalin is now vying for one. In short, one can said that the crypto industry is having a field day in the former Soviet colonies.
These countries after regaining their independence after almost centuries have focused on the future scenarios. The futurist tilt of economy was embraced by their governments from the beginning.
The result was the erection of service sector economies. These economies unlike their Western European counterparts were very effective in tech sphere. It was an Estonian company which made Skype. Skype now dominates the global video chatting and internet calling market. These companies were competitive and have great technological intuitions.
The incoming of blockchain and cryptocurrencies have spooked the global regulators. All were negative and cautious but the East Europeans were enthusiastic.
The regulators in these countries allowed the crypto sphere to grow without putting impediments in their ways. And now these countries are hub of the global crypto market.
Genral Bytes known for manufacturing Bitcoin ATMs is now contracted by Prague authorities to install ten new cryptocurrency ATMs in the subway.
It is to be noted that the Prague subway is busiest in Europe and has almost 1.6 million travelers on the daily basis. Czech Republic bank issued a white paper last year titled “Do Not be afraid of Cryptocurrencies”. The bank hasn’t categorized them as commodity or currency.
The same is the attitude in the neighboring Lithuania. Lithuania has outsmarted the entire continental polities on its regulatory dealings with crypto tokens. Lithuania now has made it to the fifth largest crowd funded economies.
Lithuanian government favored the Blockchain projects from the beginning. Looks like the dividends are paying for them right now. It is to no one surprise that 10% of all ICO money raised last year went to Eastern European countries.
Their relative cold atmosphere and cheap electric costs definitely inspired miners to migrate. But more than that the welcoming attitude of political apparatus swing their performance.
The shift was to such degree that despite their small size, they are outpacing big players on the crypto scene.