Residents in Baltic countries are finding it a lot more convenient to use bitcoin to make payments and as a result, Baltic countries are showing a rise in bitcoin payments. One reason for the strong growth of bitcoin transactions in Baltic circles is thanks to the lack of comprehensive regulations on their use in these countries. There are already multiple sectors in Baltic countries that are using bitcoin payments in real estate and health care.
Bitcoin payments in Lithuania, Estonia, and Latvia take place on a daily basis for regular activities. People can buy a cup of coffee with bitcoin and go on with their daily lives because it has become quite common. Local media reports suggest that various establishments like hotels, restaurants and bars have no problem accepting and processing bitcoin transactions.
One of the more important developments is the use of bitcoin to buy real estate. Several companies are already selling land and houses in the Baltics via bitcoin payments. An excellent example of this is the Auriai cottage settlement in Vilnius, which is the capital of Lithuania. Potential buyers will soon be able to buy land and homes there with bitcoin.
Latvia and Estonia are close behind. Latvia’s Sotheby’s International Realty is already selling penthouse apartments in Jūrmala and accepting bitcoin. Estonia’s LAAM Kinnisvara is a realtor that accepts bitcoin for buying apartments. They are located in the town of Maardu and one-third of the 44 units there have been sold already, with a new bitcoin sale coming up.
Baltic Businesses Happy To Accept Bitcoin
There are a number of businesses in the Baltics that are happy to accept bitcoin payments. For general purchases, there are already 30 establishments in Vilnius that accept bitcoin payments. Estonia’s capital Tallinn has 26 establishments that accept bitcoin while Riga, the capital of Latvia has 21 establishments. There are also several bitcoin ATMs located in both Estonia and Lithuania.
The latest addition is Lithuania’s United Colors of Benetton franchise. The establishment announced that they would start accepting cryptocurrencies. Now, customers can pay in the cryptocurrency of their choice: Bitcoin, Dash, NEM, Ethereum and Steem. This is done through a partnership with Coppay. The Belarussian payments provider allows for instant conversion of the crypto payment to real money using the latest market data.
Though there are no formal regulations on cryptocurrencies in the Baltic regions, there are already moves towards adopting some. Latvia recently attempted to tax cryptocurrencies while Rigan authorities determined that bitcoin and other cryptocurrencies can be used as a means of exchange, resulting in a 20% tax on capital gains in all deals involving cryptocurrency.
