Bringing news updates in the FinTech space from across the world in short, sweet and concise posts.

Cyprus is “all in” for blockchain regulation

17 July 2019

The Cyprus Ministry of Finance announced on 04 July 2019 that the country is looking at finalising its very own draft bill on blockchain regulation by the end of 2019.

The draft bill will aim to regulate blockchain technology whilst bringing Cyprus among some of the few countries, together with Malta and Gibraltar, that will have developed “a national strategy in regulating and exploiting blockchain technology“, resulting to the country’s national legislative framework.

In presenting the national strategy, Minister of Finance Mr Harris Georgiades mentioned that pilot implementation of blockchain technology will be initiated within the Departments of Land and Surveys, Customs and Excise, the Tax Department and the National Betting Authority; agencies that are faced with excessive bureaucracy and administrative burden on a daily basis. A successful and legally viable blockchain regulation may also serve as an additional stimulus for start-ups and other companies to develop business models based on blockchain technology.

Following the announcement for the set-up of a Deputy Ministry for Digital Strategy, Research and Innovation by the President of the Republic at the end of June 2019, the news on the release of a draft blockchain bill are greeted with positivity and an open-mind; signalling a shift towards greater acceptance of technology to be embedded in the public sector and the launching of the digital transformation of the country.

More details on the official Blockchain Strategy as issued by the Ministry of Finance can be found here (available in Greek only).

 


27 June 2018

Primetel, one of the upcoming telecom providers in Cyprus, published a press release on 13th June 2018, to share their collaboration with Revolut – yes, that online “bank” we’ve written two posts on by now at “How to save money during your summer holiday” and at “Revolut v. Transferwise: We’ve done it for you” – . 

The two companies are launching the Primetel Revolut Prepaid Visa Card which is powered by Revolut and will offer the same features as any Revolut Standard card would. The additional perks this Primetel Revolut Card will offer “unique benefits and exciting rewards and local discounts to all new and existing Primetel subscribers“. What those benefits and rewards exactly might be remains to be seen.

The one perk that has been revealed however, is that with the use of the Primetel Revolut Card the users will be rewarded with 1GB mobile internet upon activation of the Card and extra free MBs with every purchase, adding towards their Primetel mobile internet/data consumption each month.

So, for someone like my mum, who is a Revolut user (yay mum!) and who most often than not insists to call via Facebook Messenger than over the usial route (regardless of the “unlimited minutes for calls” her Primetel mobile package already offers), and most often than not runs out of data every month, always wondering why (!!), this would be ideal. If you relate to the above scenario, then you could perhaps try this offer out.

Whether you’re a Primetel user or not and whether you’re considering to change your telecom provider or not,  having a Revolut card, or any online banking application’s prepaid card, is the way forward, so check it out. It might be a “two birds with one stone” type of thing.

In any case, such innovative and progressive collaborations are always welcome in the FinTech space and we like seeing companies making a move towards alternative offers to their customers. Nice one!

Full news release from Primetel here: Read news article