CRYPTOCURRENCY PAYMENTS - MONETARY EVOLUTION IN CYPRUS
Cyprus is transitioning to crypto-currency payments in the professional services and commercial sectors. Any transactions and professional services can be paid in cryptocurrency or in a fiat currency (regular currency) from a crypto account. In order for legal entities and individuals to be able to accept payments or pay with crypto currency or fiat currency (regular money) from crypto accounts, they need to register their account on one of the cryptocurrency exchanges such as BINANCE, Gate.io. In order to pay counterparty in a transaction or professional services with cryptocurrencies, it is preferable that a transaction is supported by written agreement, which must indicate the method of payment in cryptocurrency, crypto account, payment system for example BSC, Smart contract or P2P, type of cryptocurrency such as XRP, Bitcoin, Ethereum, as well as the condition for payer to provide the network and crypto address to payee which must be specified exactly and provided so that the money is not lost.
PAYMENT IN CRYPTOCURRENCY
Before the payer sends the money to receive money the payee must enter his wallet of the crypto exchange, select “Deposit” then select cryptocurrency, network, and copy and send the crypto address to the payer. The payee should inform the payee what network he can accept form those that are available to him. Each cryptocurrency has its own crypto address – Smart contract application that runs on a blockchain as a piece of code running on a distributed system (blockchain). The payee after selection of cryptocurrency should copy the crypto address and provide it to the payer. Then the payer should enter his wallet of the crypto exchange or separate wallet, select “Withdraw”, then select cryptocurrency, enter amount, network, crypto address provided by the payee and proceed to withdraw.
To avoid the risk of depreciation of the cryptocurrency it is preferable to choose a cryptocurrency Tether (USDT), which is a crypto dollar - digital currency which rate always corresponds to the rate of the US dollar.
PAYMENT IN FIAT CURRENCY
Any regular currency available or exchanged on a crypto exchange wallet can be withdrawn through the "Withdraw" option to the recipient's bank account or crypto wallet.