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Economy

Despite Fears, Cypriots Rank High in EU for Crypto Investors

NICOSIA – The scandal surrounding the crash of FTX in the world of cryptocurrency, which fluctuates wildly between boom and bust, hasn’t discouraged Cypriots from still taking a chance on it.

Cyprus ranks fifth in the European Union for investments in cryptocurrencies of various forms at 13 percent, said data from the European Commission’s Eurobarometer, reported Philenews.

https://in-cyprus.philenews.com/news/local/cyprus-ranks-high-among-eu-countries-in-its-crypto-friendly-rank-eurobarometer/

Topping the list is Slovenia, considered by some the most crypto-friendly nation in the world, with 18% of the country’s population having some sort of investment in it, the news site said.

Cyprus was early in accepting the use of Bitcoin but the FTX crash has made other would-be investors leery of taking a chance on losing their money overnight unless they’re willing to gamble big on it.

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Despite constant efforts to show it’s not a haven for the rich and criminals to hide their cash, Cyprus was once again rebuked for money laundering and financial interests, this time by the European Commission.

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