Cyprus Central Bank does not plan to increase the use of cryptocurrency in the economic turnover, states the Supervision Division of the Central Bank of Cyprus to the CopPay inquiry.
“The Central Bank of Cyprus does not plan to take any steps to increase use of cryptocurrency in the economic turnover,” - states Central Bank.
It also says that cryptocurrency is not recognised in Cyprus as a mean of payment.
Earlier in 2014 the Central Bank of Cyprus stated that Bitcoin was not illegal in the country but it highlighted the risks of using it, reported Cyprus Mail.
In 2013 the University of Nicosia started accepting Bitcoin for tuition.
CopPay is a decentralized multi-cryptocurrency payment system. Its mission is to create a world in which all payment needs can be met with the help of cryptocurrency. Its goal is to cryptofy the business world. CopPay team developed a payment platform, which is already available for alpha testing and works legally within Europe.
Now CopPay carries out a research to determine the most favorable countries for placing its payment platform.