1 September 2019 - Eligma is a Slovenian blockchain company that launched in 2018, and one aim of the firm is to make cryptocurrencies part of daily life, and thus of shopping. To this end it has produced Elipay, an infrastructure for accepting crypto payments (in Bitcoin Cash, ELI, Bitcoin and Ether) that ensures the merchant always receives settlement in the local fiat currency. It is this service that has drawn the attention of Roger Ver’s Bitcoin.com and the Swiss firm Pangea Blockchain Fund, which together will invest €4 million in the Slovenian start-up.
According to a press release, it is Elipay and the related app that have made Slovenia the leading country in the world with regard to the number of brick-and-mortar stores and service providers that accept both regular money and crypto. The investment is aimed at helping Elipay expand beyond its current markets of Slovenia and Croatia, where more than 430 businesses now accept crypto currencies on a daily basis.
Eligma CEO Dejan Roljic is quoted as saying: “The development of finance is going towards cash becoming a thing of the past. Among other things, this is because doing business with it is quite time-consuming and expensive. On the other hand, one of the main problems with cryptocurrencies is that the confirmation of transactions can take several minutes if not more, which is unacceptable in daily shopping. Eligma effectively solved this problem with Elipay, which enables instant crypto transactions; furthermore, the merchant receives settlement in local fiat and is thus safe from crypto volatility. This makes the use of cryptocurrencies quick and effective for daily use. We must not forget that cryptocurrencies were envisioned as the electronic cash of the future.“
Shopping with Elipay is said to be very easy: the buyer scans the purchase QR-code with a crypto wallet, selects the cryptocurrency they wish to use and confirms the transaction. The current list of Elipay locations can serve more than 20,000 users of the Elipay app, along with some 4 million users of the Bitcoin.com Wallet, with other crypto wallets expected to join the system soon. Users of Elipay can also benefit by receiving Eligma (ELI) tokens with every purchase they make. The all-time high of the token was US$0.050306 on 5 September 2018, and it is currently trading at US$0.021759.
STA, 29 July 2019 - The Slovenian Financial Administration (Furs) has told the STA that serious efforts have been under way to detect and sanction individuals engaged in regular crypto currency mining or trading while failing to pay taxes. It highlighted the example of a miner who had to pay EUR 100,000 in taxes after his undeclared activity was discovered.
Furs responded last year to the soaring values of popular cryptocurrencies by issuing warnings that regular crypto mining and trading can amount to a work activity that needs to registered and is subject to taxation.
Cases are evaluated on an individual basis, with key factors being the turnover value and number of transactions in a specific period.
Asked whether any undeclared miners or traders had been discovered in recent months, Furs highlighted the example of an individual who was discovered to have engaged in regular mining over an extensive period which would have required registration as an activity.
"This discovery of undeclared work led to the individual making a self-declaration and paying almost EUR 100,000 taxes," Furs explained.
It remains unclear how many people in Slovenia are engaged in the activity of mining or trading in cryptocurrencies.
Furs has various channels for obtaining information, indulging through the international exchange of data among tax administrations.
STA, 8 January 2018 - The business newspaper Finance examines on Tuesday the remnants of the crypto craze that gripped Slovenia at end of 2017 and the beginning of 2018, arguing that "not much is left": several companies that turned to ICOs for funding went bust, while others barely live on.
"Not a single token [released in Slovenian ICOs] has managed to stay above the price with which they entered the crypto market. This means that anybody who participated in any Slovenian ICO project and has not sold its tokens, has lost their money," the paper notes.
There were many ideas in various fields, including banking, auditing, payment services, supply chains and car rentals, and some still persist, but "it is becoming crystal clear that they did not join the hype to solve the problems but because it was easy to raise funds".
"I do believe that the intentions of most crypto entrepreneurs were not bad and that they really wanted to do something good.
But their wish was powered significantly by the fact that they could play without their own input, that is with the funds of others," the paper goes on under Without a Light at the End of Cryptotunnel.
"If they would have had to take out a loan to embark on their business path, nine out of ten companies likely would not have had emerged," says Finance.
"On the other hand, many who left the cryptoparty in time got rich and earned enough in a couple of years to be covered for the rest of their lives. Some even entered the ranking of the richest Slovenians.
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The crypto world may have cooled down from the dizzy heights of December 2017, but Slovenia is still making news on the scene, if not for the various developments at BTC City, then for Monday’s announced sale of Bitstamp, the biggest Slovene success in the field to date.
STA, 27 August 2018 - The Slovenian-based bitcoin-mining marketplace NiceHash has so far managed to reimburse its clients 60% of some 4,700 bitcoins stolen in a hack last December, which at the time were worth some EUR 56m.
STA, 25 April 2018 – South Korean gaming company Nexon is keen on buying Slovenian-owned Bitstamp, one of the largest cryptocurrency exchanges in Europe, for a reported 350 million US dollars, Business Insider reported on Wednesday.
Ljubljana's shopping and commercial district BTC City launched a test phase of a blockchain-based payment system on Wednesday with the first cryptocurrency payment in the physical world.