Balkanium, as the name suggests is the new cryptocurrency for the Balkan region that comprises of countries like Albania, Croatia, Romania, Serbia, some part of Turkey, Greece and more. This digital currency is created with an aim to bring fluidity of ethnic groups in the region and to create a network of shops and entrepreneurs who’ll use Balkanium as a payment method and offer a discount to the users. Majority of the Balkan region attracts a number of tourists around the year and they often face inconvenience in currency exchange due to different types of currencies used in different countries of the Balkan region. Balkanium will resolve this issue and allow the tourists as well as locals to use only one currency for all of the Balkan regions.
Every country in the Balkan region have their own currency and the tourists visiting more than one countries often have to exchange their native currency multiple times as they move from one country to another. Even the locals traveling between countries for shopping, family visits or business face the same difficulty. Additionally, it is stated that people in this region don’t use the credit card much and prefer to pay in cash which is why they need to visit the exchange center in every country. On the other hand, there are a number of smartphone users in the Balkan region, so if there was a way the users could simply make payments through their mobile wallet, it would save a lot of hassle.
Thankfully, Balkanium realized this opportunity and utilized the power of blockchain technology to develop a cryptocurrency that would serve as a common payment mode for all of the Balkan region. Using a single currency in the whole region would bring harmony to the region and bring a number of advantages for the tourists, business class and the people living in the area. In addition, the exchange rates will be eliminated which will benefit the traders and everyone else. A single currency may encourage greater competition as there is great transparency in prices which eventually increases efficiency in firms. Converting between currencies has a cost for individuals and firms, a single currency will remove these costs.
Using Balkanium as a single currency will also eliminate the hassle of comparing and calculating the price of a good or service among the countries. Balkanium believes that using a single currency in the Balkan region will increase inward investment as Euro is one of the most significant world currency and used in more than 12 countries.
More information about Balkanium can be found on balkanium.io.