By Dimitris Dimitriou, CEO & Founder of CPA Kudos Greece
The world of cryptocurrencies and cryptocurrency technology may not yet be fully understood by everyone – nor well understood by many of those who invest in them – but the time is not far off when the ecosystem of the digital trading world will become common property for everyone, and the use of cryptocurrencies will become simple – as simple as transacting with standard currencies.
The first step was taken with the development of a regulatory framework for the use of cryptocurrencies in many parts of the world, including the EU, and the move towards widespread use of cryptocurrencies continues with the rapid development of technology that creates conditions for secure and easy transactions in everyday use.
The innovation of sandboxes in the world of cryptocurrencies
Sandboxes are not new to the world of finance. A sandbox is essentially an environment in which companies, organisations, regulators, can test new products or services safely in a defined environment and put them into use. So how is this practice being leveraged in the world of cryptocurrencies? Here sandboxes are a digital filter that, in a specific environment, facilitates cryptocurrency transactions to be done quickly and securely for everyone, in real time. Essentially it’s an area – literally and figuratively – for fast and secure crypto transactions.
How can Greece adopt the sandbox philosophy to innovate? In Greece, the sandbox principle can be successfully applied in specific areas initially, for example on certain islands during the summer season when thousands of foreign tourists flock to them – after consultation of course with local trade associations. Many of the visitors could use their digital cryptocurrency wallets for transactions on the islands. And this would be a pioneering application of the technology for our country and would point the way to a gradually more widespread use.
The Greek islands are the ideal environment: a geographically defined area, with a certain number of businesses and therefore no risk of countless transactions that will be impossible to control and study – of course with guarantees for the traders involved. And also, an environment with visitors from all over the world, many of whom have and can use the cryptocurrencies for their transactions with traders and merchants.
In this way, both traders will become familiar with cryptocurrency transactions and regulators in Greece and Europe will have a golden opportunity to test the new framework in a beta application.
Greece must not miss the innovation train: there is a need to study, develop and implement a regulatory framework for the use (and taxation) of cryptocurrencies in the country based on the dictums of the European Authority. An opportunity opens up here for the country to become a pioneer in adopting the use of cryptocurrencies quickly and safely.
