“Prague is home to a strong community of cryptocurrency supporters and users” – these words opened the speech on the Central Bank of the Czech Republic when addressing the financial institutions of the country, encouraging them not to be afraid of cryptocurrency. If it is the state's main financial regulator that claims that bitcoin is safe, then it's not surprising that the Czech Republic has become one of the most advanced countries in using cryptocurrency. Let’s understand why this has happened.

Attitude of the state

The Central Bank of the Czech Republic was certain when speaking about cryptocurrencies: “Bitcoin trade doesn’t require a permission from the National Bank of the Czech Republic. At the same time, we cannot provide such a permission.

In addition, the regulator stated that electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, so that cryptocurrencies cannot seriously affect even the economy of a single country, let alone the global economy as a whole. That is why the appeal of the Central Bank, titled Don't be afraid of bitcoin convinced the financial institutions of the Czech Republic not to fear the consequences for using cryptocurrency in their activities.

Cryptocurrency for the regular Czechs

At the beginning of 2017, in Prague alone there were about 80 facilities where people could pay for goods or services with cryptocurrency. Now this number has grown significantly: no one even counts.

Bitcoin coffee house

One of the first places in Prague, where coffee was sold for cryptocurrency, was the cafe Paralelni Polis in Dělnická street. It was opened in 2014, when the global crypto boom was far ahead. Besides cryptocurrency, the café has a number of other surprising features: there is neither a cash register nor a counter. But in the middle of the room there is a large table with pastries and a coffee machine. Everyone can choose what to take.

Later on, this cafe has become one of the most popular places among the Czech crypto community. Today, it is a real institute of crypto anarchy, founded by art group Ztohoven. There is a co-working for IT professionals and a workshop for 3D printing. The café is still there as well.

It is often visited by the local and foreign crypto enthusiasts. All goods and services can be bought for cryptocurrency.

Crypto institute

The capital has a private institute called CEVRO Institut, where students can pay for their education with bitcoins. By the way, there are also cryptography classes and blockchain-based services for the public sector. In the summer, new directions on cyber security, banking and e-money are available as well.

Meat for bitcoins

In the capital of the Czech Republic, not only ‘new’ facilities accept bitcoins. A luxurious and very famous Prague restaurant U Maliru, despite its long history (it was opened in 1543), keeps up with the times: there you can pay for a dinner with cryptocurrency. The interior of the restaurant is impressive: walls are decorated with original fresco paintings of artists of the early 20th century. The restaurant is famous for its delicious cuisine and faultless provision of services.

In addition, the Czech Republic has all kinds of vegetarian cafe, tea houses, hookah lounges, bars, supermarkets and even showrooms that accept payments in cryptocurrency. Authorities favor to digital assets and their general acceptance by the citizens of the Czech Republic provide good reasons for the country to become one of the most advanced cryptocurrency hubs of the world.

Learn more at the Blockchain & Bitcoin Conference Prague!