In the Czech Republic, Pražská plynárenská, which is a leading national energy company, is building an investment platform that will allow just about anyone to invest in municipal and national energy projects with crypto.
Precisely, it’s important to note that investors won’t be required to contribute in crypto alone. There will still be the option of using the Czech Republic’s national currency, the koruna.
Pražská plynárenská’s chairman, Pavel Janeček, explained the purpose of this future platform by saying that the company is doing what it can to better attract the younger generation to its services. More specifically, he said, “we do not want to be perceived as old dysfunctional moths,” according to Coin Telegraph’s translation of the original report on the subject.
As to the launch of the platform, Janeček claimed that transactions will be operational on it by June. Even though the company will accept crypto, it’s essential to note that at this time, they aren’t planning on directly accepting it. In other words, all crypto that’s used by customers for investing will be converted back to fiat once it is received by Pražská plynárenská.
Janeček made it clear that the reason behind this is that Pražská plynárenská feels that the crypto market is too speculative at this time. Therefore, they don’t want to take the stance of being a complete supporter of it, until it stabilizes.
Even so, there’s still something to be said for such a platform. Judging by the original report as well as Coin Telegraph’s report, Pražská plynárenská is the only Czech energy company who accepts crypto at this time.
A venture like this is most likely made all the more easier by the fact that last year, the Czech National Bank, which is basically the country’s equivalent of the Federal Reserve, said that they believe cryptocurrencies are not a threat to traditional banking. By all appearances, innovation in the Czech banking and energy sectors is almost wide open, especially compared to more heavily regulated countries like the United States.
By: BGN Editorial Staff