Moldova Presented the First Local Cryptocurrency Exchange and a New Token

crypt coins against the background of the flag of Moldova

The Republic of Moldova, an Eastern European country bordering Ukraine and Romania, held the first major conference Blockchain and Cryptocurrency – the World Blockchain and Cryptocurrency Summit Chisinau (WBCSummit Chisinau).

During the event, which took place on May 11 at the Academy of Economic Studies of Moldova (ASEM), the speakers presented the first local crypto exchange and the first token made in Moldova, which is part of the crypto exchange context. In addition, they discussed the potential of blockchain for various uses.

The Drachmae Market, as the exchange is called, has long been accepting users. The platform was created under the leadership of the Digital & Distributed Technology Moldova Association, the first in the country blockchain association, founded by Lee Gibson Grant. Currently, it includes eight fiat currencies, such as: Moldavian Leu, US Dollar, Euro, Russian Ruble and cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, DASH, Monero, Ethercoin, Nextcoin, ZOZO Coin and DTMI Token, the latter is available for exchange users.

Grant received a letter from the National Bank of Moldova, which indirectly allows the exchange to do banking operations.

The Central Bank explains in the letter that there is currently no legal framework for cryptocurrencies, so the exchange doesn’t need permission from it. However, considering that fiat currency is involved, the National Bank asks the exchange operator to provide data on cash flows associated with the company’s activities and comply with the law on AML and CFT.

It is interesting to note that the central bank recognized the potential of blockchain for the financial system and showed that it assesses the introduction of technologies through local banks.

The Drachmae Market was built on top of the technology provided by Agura, an American-Israeli startup created by Sharon Greenberg, who also acted as speaker at the event.

Greenberg, who also co-founded Crypto Next in 2014, showed that crypto-exchange concerns both retail and professional investors. He said that the Drachmae Market will have all the options that are currently provided by other crypto exchanges.

Speaking of the Blockchain technology in the context of adoption at the state level, Greenberg said that the government should understand that we live in a financial revolution and don’t need to feel insecure with it, but rather see how it can embrace it and go with it.

Asked whether the government in Moldova, where corruption still dominates government institutions, will fear a smooth introduction of distributed ledger technology (DLT), Greenberg said:

“This is something that will have to come from Moldovan people. It’s best to use blockchain, because everything will be transparent.”

Sharon Greenberg also shared his opinion about the comments of Bill Gates and Warren Buffett, who recently opposed Bitcoin. Unlike many leaders from the Crypto space who were clearly disappointed with the position of the billionaire, Greenberg is calm about this, saying that they were good to share their opinions, because we live in a free world, and adding:

“I know that Warren Buffett doesn’t like digital currency, but last month he lost a lot of money, so he’s not perfect either.”

WBCSummit is an international event organized by IDACB. The event in Chisinau, the capital of Moldova, was organized in cooperation with the Digital Technology Moldova Association, represented by Rodica Crudu and Lee Gibson Grant.