Accepting cryptocurrency in Lithuania
A fashionable high street brand you’ve probably visited during your clothes shopping now accepts in their physical stores in Lithuania a number of cryptocurrencies, Trustnodes is told.
United Colors of Benetton now accepts Ethereum, Bitcoin, Dash, Nem and Steem for payments in their Lithuanian franchise as showcased in a recently released video.
Arturas Zuokas, co-owner of the Lithuanian franchise of United Colors of Benetton, says in a statement “In the future, payment by cryptocurrency will be available everywhere,” before adding:
“We are pleased to announce that United Colors of Benetton in Vilnius are the first who will accept cryptocurrencies. We would like to support the idea of freedom and variety of different payment possibilities.
Lithuania is already joining the world trend of money digitalization. Lithuanians actively contribute to the development of the crypto-infrastructure.
Now you can pay with cryptocurrency in many restaurants, shops, boutiques, barbershops, computer services and fitness centers in Vilnius.”
They are using CopPay, a BitPay like crypto payments processor which avoids “losses due to the volatility of the exchange rate by converting cryptocurrency into traditional money in real time.”
That makes the franchise the first of its kind to accept crypto payments for in-store purchases at check-outs as far as we are aware.
Suggesting crypto adoption in Lithuania is increasing significantly, with the small European country, sitting next to Estonia, being surprisingly advanced technologically.
They have the 14th fastest internet speed in the world and the fastest public wi-fi in the world, with talks in the country of terabytes speeds in the foreseeable future.
They have also opened a Blockchain Center in their capital, Vilnius, with Lithuania’s Minister of Economy stating of blockchain at the opening:
“The potential is enormous, therefore, Lithuania must become an important link in the global blockchain industry. I am pleased to be able to put the first block in place today.”
They are far behind their neighbor, Estonia, as far as this space is concerned, but the Baltics looks like it might become a hot-spot for blockchain tech and crypto-adoption more widely.