European states are making more and more headlines recently. In the journey for cryptocurrency adoption on the continent, just this week we have reported moves from Malta and Norway already, now it seems a firm from the Czech Republic want in, in a move that could very well put cryptocurrency adoption on the agenda of Czech authorities.
Pražská Plynárenská, a utilities and energy firm, now wish to start accepting energy bill payments with cryptocurrency, according to Bitcoin.com.
Pražská Plynárenská supply around 420,000 homes with gas and electricity making them quite a large supplier within the Czech energy economy. Moreover, they also have plans to expand into telecommunications and IT services, as a part of this, the firm wish to start accepting Bitcoin payments, in a bid to engage more young people with both the company and blockchain technology on the whole. Reports state the Bitcoin payments could be available as soon as next month.
According to Bitcoin.com, Pavel Janeček, CEO of Pražská Plynárenská has said:
“In June, we are opening a payment gateway, which will automatically transfer our bitcoin payments into regular currency, so that we don’t have to speculate with cryptocurrency. But if anyone wants to pay in an alternative way, we want to allow them to do that.”
Read more from Bitcoin.com for yourself, here-
This is very exciting. Foremost, this could give 420,000 new homes access to cryptocurrency. It could in turn encourage bill payers to invest, on the premise that due to the investment potential of Bitcoin, they may get better value for money on their bills. Imagine it this way… you buy $10,000.00 of Bitcoin for 1.34BTC, hypothetically speaking, this may pay your bills for 10 years (not mathematically correct, but this simply serves as an example).
Imagine in a year’s time, Bitcoins value doubles, so your 1.34BTC is now worth $20,000.00. That’s another ten years of bills paid off right there. This is an investment opportunity, you don’t get with FIAT currency and thus, is something many Czech people may want to consider.
Moreover, this can also give the wider Czech community a sense of Bitcoins potential, if anything it is a great marketing opportunity for Bitcoin to say the very least.
Its great to see firms like Pražská Plynárenská jumping on board. Through this innovative and creative approach, their customer base now sits within a great advantage, in turn, this could provide Pražská Plynárenská many more customers. In essence, it’s a chain reaction that can only bring good things to those involved.