The law was enacted by which digital currencies are considered cashless financial instruments.

The President of Romania promulgated Law no. 207/2021 through which digital currencies are considered cashless financial instruments.

Under the new legal provisions, virtual currencies are defined as “a digital representation of the value that is not issued or guaranteed by a central bank or public authority, is not necessarily linked to a legally established currency and does not have the legal status of currency or money, but is accepted by individuals or legal as a medium of exchange and can be transferred, stored and traded electronically.”

Starting with July 25, 2021, the Penal Code will punish with imprisonment from 2 to 7 years piracy and abuse of trust by defrauding creditors.

The regulation aims to criminalize the crimes of computer fraud, carry out illegal transactions with non-cash payment instruments, put into circulation or acquire counterfeit values without cash when they are made in connection or using digital currencies (Bitcoin, Ether, etc.). .

We hear more and more about cryptocurrencies, especially in the context of digitization .

For those who are not passionate about this field, the topic may seem uninteresting. This is all the more so as, even for a technology lover, the mechanism by which these cryptocurrencies appear, are stored and can be traded is not easy to understand.

However, both China and Sweden have launched their own digital currencies ( Yuan Coin and e-Krona ) developed through blockchain technology. Under these conditions, there is an obvious tendency to introduce them in the financial circuits in parallel with the classic currency.

From this perspective, law no. 207/2021 is a very modern law. This establishes the legality of using this type of non-cash payment in commercial transactions, which has been challenged by many strangers so far.

The law includes severe penalties and penalties for those who generate or obtain illicit cryptocurrency or criminal activity.

As you know, Magister launched for the first time in Romania, at the beginning of this year, the cryptocurrency payment service. The service is available directly at the cash register in the SmartCash POS application.

Thus, any merchant in Romania can accept payments made with cryptocurrency directly at the cash register, using the SmartCash solution.

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Plata cu Criptomonede in SmartCash POS

Payment can be made with two crypto-wallets available on both Android and iOS:

• Elly Wallet – which allows payment with cryptocurrencies: Bitcoin (BTC), BitcoinCash (BCH), Ethereum (ETH), GoCrypto (GOC), Tezos (XTZ), Litecoin (LTC) or Viberate (VIB)
• Bitcoin.com Wallet – which allows payment with BitcoinCash (BCH).

You can find out more about connecting SmartCash cash registers to the GoCrypto payment service by requesting a GoCrypto connection