Romania making significant strides in the blockchain space

Ilie (Elijah) Puscas , Country Manager for Binance Romania, sat down with us to share his insights on the rising adoption of cryptocurrencies in Romania, Binance’s key projects and educational initiatives, and the evolving regulatory landscape. Discover how Binance is driving growth and innovation in the Romanian crypto space, fostering a supportive community, and navigating regulatory challenges in this exclusive Business Review interview.

By Mihai Cristea

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As the Country Manager for Binance in Romania, what significant trends or developments have you observed in the local blockchain and cryptocurrency space over the past year?

There has been a significant rise in the number of individuals and businesses adopting cryptocurrencies. More Romanians are opening crypto wallets, participating in trading, and utilising digital assets for various purposes.

Increased educational initiatives, including university courses, workshops, and online resources, have led to greater public awareness and understanding of blockchain technology and cryptocurrencies.The Romanian government has been working towards providing regulatory guidelines for the use and trade of cryptocurrencies. This includes efforts to align with EU regulations, particularly in areas such as AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance; we'll probably see clear guidelines by 2025.

A wave of innovative blockchain startups has emerged in Romania, focusing on various sectors such as finance, supply chain, healthcare, and more. These startups are leveraging blockchain technology to solve real-world problems and we’re looking forward to collaborating with them. Accelerator programmes, incubators, and venture capital funds are increasingly supporting blockchain and crypto startups, providing them with the resources needed to grow and scale.

The frequency of blockchain and cryptocurrency meetups, conferences, and hackathons has increased, fostering a sense of community and collaboration among enthusiasts and professionals.

Romanian universities and research institutions are actively involved in blockchain R&D, contributing to advancements in the technology. There is a focus on developing scalable and efficient blockchain solutions. Efforts to integrate blockchain with other emerging technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) are also underway, aiming to create more comprehensive and impactful solutions.

Romania is making significant strides in the blockchain and cryptocurrency space. The country is well-positioned to play a prominent role in the global crypto ecosystem, driven by innovation, regulatory support, and an engaged community.

Can you share some insights into Binance's strategic initiatives and key projects in Romania, contributing to the growth and adoption of cryptocurrency in the country?

At Binance, we are excited to expand our presence in Romania with a focused approach on education, community development, and the introduction of new products. Binance is dedicated to providing a seamless and tailored experience for our users in Romania. Our localisation strategy ensures that our services, products, and community engagement are customised to meet the specific needs and preferences of the Romanian market.

Our platform, including the website, mobile app, and educational resources on Binance Academy, is available in Romanian to facilitate easier understanding and usability. Binance offers Romanian-speaking customer support representatives to assist users with their queries and issues promptly and effectively.

Binance has integrated the Romanian Leu (RON) to enable seamless transactions between RON and cryptocurrencies. This allows users to make deposits and withdrawals in their local currency effortlessly. To further streamline transactions, Binance supports popular local payment methods, including bank transfers and local payment gateways preferred by Romanian users.

What steps is Binance taking to promote crypto education and increase awareness among Romanians?

In December 2023, Binance advanced its educational outreach by partnering up with InfoCons and @Romania NGO to launch the Romanian-language educational project Crypto School. Equipped with a suite of accessible online modules, Crypto School aims to elucidate in detail the fundamentals of the financial system and the mechanisms of blockchain and the crypto market to users. Completion of each course provides users not only with rich knowledge but also coveted certificates and rewards in the Binance ecosystem.

Education is at the heart of our mission in Romania. We believe that knowledge is the key to empowerment in the rapidly evolving world of cryptocurrency. To this end, Binance is launching a series of educational initiatives. We are partnering up with local universities and educational institutions to offer comprehensive courses on blockchain technology, cryptocurrency fundamentals, and digital finance.

Our educational hub, Binance Academy, is available in the Romanian language. People can use tutorials, read articles, and watch videos, making it easier for everyone to access high-quality educational content.

Regular workshops and webinars will be organised to cater to different levels of expertise, from beginners to advanced users. Industry experts and thought leaders will facilitate these events to provide valuable insights and practical knowledge. Our last meetup in Bucharest gathered 600+ attendees. We will host more regular meetups and networking events to bring together crypto enthusiasts, investors, developers, and entrepreneurs. These events will serve as a platform for sharing ideas, collaborations, and innovations.

Binance is introducing community-focused programmes such as Binance Angels, where volunteers can contribute by helping others understand and navigate the Binance ecosystem, fostering a supportive and inclusive environment.

Can you tell us more about any collaborations or partnerships Binance has established with universities in Romania and the impact these have had on students and the academic community?

In March we announced key partnerships with the University of Oradea and with the 1 Decembrie 1918 University of Alba Iulia as part of the Global University Outreach Programme, in collaboration with Binance Romania.

The Global University Outreach Programme, the world's broadest Web3 educational initiative thus far, aims to bring blockchain engineering and compliance education to over 200 universities across more than 50 countries. Initially launched in universities in Kazakhstan, the programme intends to integrate Web3 education into the curricula of over 200 universities worldwide, with a core emphasis on blockchain engineering and compliance.

Education plays a vital role in advancing the integration of blockchain technology into our everyday routines. By expanding this programme to include the University of Alba Iulia, we cultivate an atmosphere where students can delve into, test, and pioneer within the realm of blockchain technology.

How does Binance engage with Romanian authorities and regulators to ensure compliance and foster a supportive environment for blockchain and cryptocurrency innovation?

The cryptocurrency industry in Romania has grown at an unprecedented rate, having evolved significantly over the past few years in terms of user protection. Romanian regulators, in alignment with European Union standards, are developing regulatory frameworks and supervisory practices for digital assets to ensure the necessary consumer protection.

Binance has been vocal about the need for effective and appropriate regulation to facilitate the mainstream adoption of digital assets. We strongly believe that a stable regulatory environment can support innovation, establish trust in the industry, and enable long-term growth.

We welcome opportunities to engage with Romanian policymakers and regulators. By working together, we can ensure that regulations adequately protect consumers while continuing to cultivate innovation and progress in Romania.

Binance adheres to European Union regulations, including those related to Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. This involves implementing robust AML and KYC processes to prevent illicit activities and ensure transparency within the digital asset space.

We agree that there is a need for global standards in crypto regulation. One of the toughest compliance challenges facing the crypto industry is the lack of clarity on requirements worldwide. However, clear regulatory frameworks and supervisory practices for digital assets will ensure the necessary standards of consumer protection.

Over the years, Binance has consistently advocated for effective and appropriate regulation. The Markets in Crypto-Assets (MiCA) regulation is a welcome and pragmatic step in the right direction, harmonising requirements across the European Union and creating a single market for crypto. We strongly believe that a stable regulatory environment can support innovation, protect investors, and establish trust in the industry, thereby enabling long-term growth.

At Binance, we are committed to maintaining high standards of compliance and consumer protection, thus contributing to a sustainable and innovative cryptocurrency ecosystem in the country.