Northern Cyprus becoming Blockchain startups and Crypto investors new Hot spot.
The Northern Cyprus is known as Turkish Republic of Northern Cyprus. North Cyprus is solely recognise by Turkey, but the international world considers it to be part of the Republic of Cyprus. North Cyprus has been under embargos over 35 years and disconnected from the rest of the world. Will blockchain and cryptocurrency will break up this isolation and connect it to digital and virtual internet of things and grove its economy?
Blockchain startups are getting attention and growing rapidly in Northern Cyprus. Bahçehir Cyprus University creates the “Bahçehir Cyprus University Blockchain Research Center,” making it the first university in the TRNC to do so. The Bahçeşehir Cyprus University Blockchain Research Center hosts coding events, seminars, workshops, and trainings for professionals as well as people of all ages who are interested in this hot issue of the future.
Everything has changed since cryptocurrencies arrived on the island. Over 20 offline bitcoin/ cryptocurrency exchange offices and two internet exchange offices have established in the previous two years. More fintech and blockchain firms are now investing in Northern Cyprus.
Blockchain technology is a new type of technology that stores data in blocks that are then connected using cryptography systems like Bitcoin to provide a secure and decentralised record of transactions. It is altering the financial sector, health sector, media, and aviation. Bitcoin is the most popular new technology on the market, and blockchain is the technology’s backbone. Blockchain startups are gaining traction due to the growing popularity of cryptocurrencies.
Businesses, blockchain companies, and other entities are interested in Bitcoin and Ethereum. Virtually all companies and economies might be affected by blockchain. Cryptography is an area of math and computer science used in blockchains. Each transaction has its digital signature, which is unique to the person who initiated it. These signatures are treated with extreme caution.
Rise of using cryptocurrency in business across the world:
Bitcoin and other digital currencies are leveraged by a growing number of companies throughout the world for various investment, operational, and transactional purposes. Northern Cyprus is in the same scenario. In the previous 12 months, over 20 crypto exchange offices have opened offline, and two have opened online. North Cyprus has emerged as a new hotspot for cryptocurrency traders. Not only can you buy a vehicle or a house in North Cyprus using bitcoin, but most stores now accept it as well.
Cryptocurrency is being used by certain businesses to make payments easier. Simply converting bitcoin to fiat cash and receiving or making payments without ever touching it is one approach to make payments easier. Another way of describing it is that the company is taking a “hands-off” approach to cryptocurrency, allowing it to remain off the books.
Allowing crypto payments like bitcoin without placing them on the balance sheet may be the easiest and quickest method to get started with digital assets. It may need the fewest adjustments across all business operations and may achieve quick goals such as acquiring new consumers and raising the volume of each sales transaction. Businesses adopting this limited use of crypto usually rely on third-party suppliers.
Crypto Investors New Hot spot:
Northern Cyprus is establishing itself as a hub for blockchain companies and entrepreneurs. During the pandemic, the bitcoin market exploded, with ordinary and institutional investors flocking to this new investment class as inflation and quantitative easing became a global reality.
There is no unique legislative instrument controlling cryptocurrency in Northern Cyprus. They are, nevertheless, considered financial instruments and are believed to be protected under the Cypriot Investment Law. Bitcoin is not illegal. As a result, we conclude that purchasing, mining, and exchanging Bitcoin is legal in Cyprus. Crypto trading in Northern Cyprus is currently governed by the laws of normal civil law.
Where companies have been reticent to enter the crypto and blockchain space, compelling use cases that address real-world problems may be able to persuade them to do so. Northern Cyprus has gone a long way in providing a business-friendly and healthy environment for cryptocurrency and blockchain-based companies. Northern Cyprus is taking increasingly significant measures to stay up with global growth by implementing new and innovative technologies.
Since its beginnings, cryptocurrency use has expanded sixfold in the last two years. Cryptocurrencies have become a viable investment option, and some firms worldwide are already paying employees in digital currency. Northern Cyprus is a new hotspot for investors. Select Estates International has become one of the leading real estate agents that will accept bitcoin to purchase the property in Northern Cyprus.