Korona, the European virtual currency from Hungary

The last European cryptocurrency is called Korona, it comes from Hungary and its founders say it is more stable, safer and cheaper than the others currently on the market. Launched in Budapest yesterday, February 15th 2018, it is attracting a lot of curiosity from investors.

“In the next few years we will see a revolution in the banking sector” – said Jean-Marc Stiegemeier, Head of Management of Korona – “Within ten years the cryptocurrency will be used and accepted worldwide. Banking as we know it today will evolve into different platforms. We started this project because we saw an opportunity to bring cryptocurrency technology into the future. ”

Although the project is predominantly Hungarian, the Korona site is located in Switzerland. And when asked why the Korona foundation was not incorporated in Hungary, the team replied that Switzerland is the reference country for cryptocurrencies in Europe, as it is the most efficient and stable territory for the creation of a fintech project. , two elements that customers and shareholders are evidently looking for.



According to a recent study by the Cambridge Judge Business School, customers want to adopt new forms of payment for reasons of convenience (speed, cost) and not least for tax issues. In this sense, the Bitcoin network could represent a theoretical tool of good reference, except for the fact that – support the promoters of the new cryptocurrency – it presents serious problems in terms of transaction times, scalability and flexibility for the creation of smart contracts on its own system.

“Bitcoin is slow and too expensive for companies. It costs 20 US dollars per transaction and is not efficient for traders “- said the Korona consultant, professor at the Corvinus Business School, Dr. Tuan Trinh. “The crypt economy 2.0 is based on three pillars: a digital payment platform, a crypt-bank and the Korona currency” – he continued.

But how does it work? According to Attila Bustya, head of technological development, an e-commerce site will soon be launched, which will host all those sites that normally do not accept cryptocurrency payments. In addition, a new integrated price comparison system will be created, so that users can choose their products at the best and most cost-effective price globally.

“For a high-level phone we pay more in Europe than in the United States, and it is not fair” – he said, explaining that the value of this new instrument could also be price comparison.

“Today, corporate customers find it difficult to use cryptocurrency due to high taxation and missing information. We are developing corporate portfolios that will allow companies to register and receive various services to support their compliance: support for VAT declarations, invoicing, accounting and the like “- he concluded.