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Romania's Sibiu: City Council Hints at EGLD Cryptocurrency Adoption

Coin WorldWednesday, Feb 12, 2025 9:38 am ET

1min read

A small city in Romania, Sibiu, has sparked speculation about a potential adoption of cryptocurrency, particularly EGLD, the native token of the MultiversX blockchain. This speculation follows a comment by a city council member, Vasiu, who hinted at official interest in the cryptocurrency and the broader market.

The blockchain context in Romania is favorable for such an adoption. The country has already implemented blockchain in various applications, including the registration of votes in the Romanian Presidential Elections in November 2024. Additionally, the National Press Agency uses the MultiversX blockchain to mint daily news on the ICI Bucharest marketplace.

Moreover, xMoney Global, a leading Web3 payment provider, is launching three MiCA-compliant stablecoins in Europe, including RONX, which will be pegged to the Romanian Leu (RON). The company is "powered by MultiversX," suggesting a potential integration with the city's adoption plans.

Despite the positive sentiment surrounding a potential real-world adoption, EGLD has been struggling price-wise, registering significant losses on the chart. In the last 30 days, the MultiversX native token has accumulated 26.06% losses, following a broader market trend. However, the cryptocurrency's fundamentals remain strong, with many positive developments and an upcoming integration with the Axelar Network (AXL).

Beniamin Mincu, CEO at the MultiversX Foundation, believes this offers a "great interop arbitrage opportunity," as cross-chain interoperability fuels liquidity. Additionally, Justin Bons, founder and CIO of Europe's oldest cryptocurrency funds, has praised MultiversX's and EGLD's fundamentals several times, calling it "the technological Holy Grail of crypto."

As things develop, traders, investors, developers, and users have their eyes on EGLD and a potential adoption by Sibiu. However, caution is still required, as political changes could impact and even frustrate some expectations, which should be properly managed.

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