Cryptocurrencies have been met with a lot of skepticism for a long time but things are looking up for the virtual currency economy and its usability in the real world. The once opposed digital assets are getting a positive nod from central authorities and institutions that once resisted the change and the VeChain (VET) Cyprus MoU is set to change how governments and other institutions interact with crypto.
VeChain has been received positively by various governments and institutions and the recent recognition by Cyprus means that many users are beginning to trust the technology it rides on and its real world use cases. Currently, the outfit has earned a global appeal and its entry into the Cyprus market is another plus.
VeChain (VET) unwavering Support
However, VeChain is not running alone and is collaboration with the US based CREAM has enabled the blockchain based firm get a nod from the authorities via Invest Cyprus. This is a huge task that will see ta partners come up with strategies to develop and enhance the technologies’ use cases that will benefit the citizenry.
The end game is to increase the technology uptake and streamline the financial sector in line with the authorities’ policies. This will culminate in an economic model that will spur the country’s economic growth in a more transparent manner. This will up crypto uptake and VET stands to be the major beneficiary.
During the MoU signing, the Invest Cyprus Chairperson, Michalis P. Michael said:
“The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. Invest Cyprus as a promoter of Cyprus Investment opportunities and advisor to the government of Cyprus in the investment space, sees this technology as fiscally restorative at the infrastructural level.”
Cyprus is Keen of Crypto Regulations and VeChain is Compliant
Malta was the fast to embrace blockchain backed technologies and Cyprus appears to have seen the results and the MoU is a big boost for cryptocurrencies. Cyprus is seen as one of the crypto safe havens and accepting VeChain means more crypto providers will soon head the same way and the countries virtual economy will continue to thrive.
The anticipated blockchain development is in line with the key regulations on KYC, AML and those of the AU and will see increased confidence in holding and trading in VET. The VET and CREAM teaming up will not only offer solutions but implement them in accordance with the agreement . Invest Cyprus Chairperson Michael, in a statement added that:
“We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.”
VeChain (VET) Use Case Popularity
This is not the first time VeChain is getting involved in a large scale project. The ecosystem is also supporting a Chinese logistics initiative through their partners, DB Schenker and the platform has become a force to reckon with in the supply chain sector.
The ongoing developments have seen the VeChain (VET) value remain stable for the better part of the year with better prospects going into 2019. These also have seen the coin continue trading on the green for the last 24 hours after marginal gains of 2.14% to the green buck. With more use cases, the value of VET is poised to rise and hit the $1 mark early 2019.