BTC Wires: Having claimed itself as the main international business centre in the island of Cyprus, Nicosia has been the epicentre of tremendous action in the farthest southeast of all EU members states’ capital. Apart from its great history and exceptional heritage, Cyprus has also emerged as a potentially great trade hub and an effective financial and technological centre, in recent times. A lot of people might not be aware but Nicosia, the capital of Cyprus is the world’s 32nd most rich country with regards to relative purchasing power. Hence, owing to Cyprus’ geographical location, the country has been successful in leveraging many benefits and has become quite a financial hub in Europe.
However, things weren’t as rosy as this for the nation way back around 2012. After facing a severe situation of debt crisis in 2013, Cyprus reemerged from this setback a stronger and more competent force to be reckoned with. The crisis made the administrative sector of the country more open towards new technology for finding innovative solutions to their problem. This is where Blockchain technology stepped in and exhibited a whole range of plausible means to tackle several issues from varying sectors. Additionally, Blockchain occurred to Cyprus at a time when people were anxiously looking for other means to store their capital.
Combing their stable economy, with a government that favours blockchain and crypto development, along with a very fertile infrastructure for digital currency, Cyprus has become a hub with great potential, with regards to blockchain development and crypto application. Recently, the country’s central university, located in the island’s capital has made some serious progressive developments in association with Ripple. As per respectable news sources, Nicosia’s central university has signed an agreement with Ripple to devote time a resource to Blockchain research & development.
Having already hosted some very important event related to blockchain development and cryptocurrency conclaves, Cyprus has already caught the attention of the ecosystem and has proved to a chief location on the international blockchain map. Studies and researches about the application of blockchain technology in the healthcare sector are already underway in the country. We, therefore, hope to hear about new developments initiate by the country and look forward to any upcoming events or ongoing researches that could positively impact the ecosystem.