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Learn More about buying ECS in Hungary
How to buy eCredits in Hungary
Is ECS a good investment in Hungary?
The eCredits Ecosystem is a decentralized, blockchain-based ecosystem with its own native,
usable cryptocurrency, called eCredits (ECS). According to the official website of eCredits, by
using the eCredits Blockchain, local and regional micro-ecosystems will be able to develop,
provide, and sell services and goods. This movement will be supported by the eCredits
ecosystem, which aims to provide a platform for this aim. These services are designed to aid
micro, small, and medium-sized businesses (MSMEs) in competing on an equal footing or even
surpassing larger market participants. As a result, local businesses will be able to connect with
their customers on a whole new and direct level. This will give local suppliers opportunities to
reward their customers by enabling them to earn discounts and bonuses through repeated
purchases. Since eCredits ecosystem is built on and powered by blockchain technology, which
is by its very nature decentralized and secure, it also supports diversity and incorporates social
values like equality into its functionality. With regard to making purchases from small businesses
and retailers, eCredits wants to become the method of choice for customers. The overall goal of
eCredits is to encourage local shopping, strengthen neighborhood communities, and promote
more environmentally friendly behaviors
What is eCredits ?
ECS is the abbreviation and official sign for eCredits, which is a digital currency or form of digital
asset that is operating on its own decentralized blockchain as a pro-environmental project.
Is eCredits legal to buy in Hungary
According to the Finance Ministry of Hungary, investing, trading and mining cryptocurrencies are legal in Hungary. But note that a legal definition for cryptocurrencies is still developing. This means that cryptocurrencies are not an official form of legal tender yet. Legal tenders are anything recognized by law as a means to settle a public or private debt or meet a financial obligation. It is estimated that Hungarians own about 300 billion HUF (850 million EUR) worth of cryptocurrencies.
Is eCredits taxed in Hungary
Yes. According to the new regulation of National Tax and Customs Administration (NAV), from 2022, 15% personal income tax will apply to cryptocurrencies. But note that you only need to pay taxes when you exchange your cryptocurrencies for traditional currencies such as euros. You do not have to pay tax for exchanging a cryptocurrency for another cryptocurrency. According to the new regulation mentioned above, investors can deduct their losses from their tax base. Also under the same regulation, you can have the option to deduct expenses related to trading from your tax base, such as fees of crypto exchanges. Although the new regulation will make the taxation of cryptocurrencies more transparent, Hungary still lacks detailed regulation on this topic.
After you've bought eCredits in Hungary
With the goal of being "the People's Currency," eCredits enables users to pay with ECS, send
and receive payments quickly, trade cryptocurrencies freely, and earn eActivity as bonus. With
its own custom wallet, ECS can be used for peer-to-peer transactions as well as in-person and
online retail establishments, bars, and restaurants.
Who can buy eCredits in Hungary
Every resident of Hungary can convert, buy, and sell cryptocurrencies with fiat. Some supported payment methods are: Bank Deposit and PayPal. Buying is pretty easy for residents of Hungary, choose our exchange, verify your ID, connect your payment method, and buy away.
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Payment methods to buy eCredits in Hungary
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Frequently asked questions
The future of eCredits is highly dependent on the overall performance of the crypto industry.
You need to make sure you are employing the appropriate strategy when it comes to investing
in ECS. For those with a high holding capacity and sound financial standing, this type of
investment seems like a good option. ECS also exposes users to a global technology and an
expanding ecosystem. Given that scarcity often leads to price increases, the value of eCredits is
also anticipated to rise further according to some experts. However, we recommend that before
purchasing ECS you should conduct the maximum research possible.
According to the same regulation of the National Tax and Customs Administration mentioned earlier, those who pay taxes according to Hungarian law are subject to the Hungarian cryptocurrency tax. The point of taxation starts from the moment of conversion of cryptocurrency into FIAT currency; However crypto-to-crypto exchange is tax-free. Note that even if you don’t have to pay tax on your cryptocurrency, it is still worth declaring this in your tax report.
According to the official tax regulation, there is also a small amount of income that Hungary doesn’t tax at all. The tax-free limit is ten percent of the current monthly gross minimum wage per day. That means a maximum of about 20,000 HUF per day. This tax-free amount is suitable for attracting beginner crypto investors.
eCredits are available for less than one dollar. In this case, the minimum number of eCredits
you can probably buy is determined by the minimum purchase amount that your exchange
allows. The minimum payments start at $10 in our exchange.
The crypto ATMs are everywhere in the country in cities like: Békéscsaba, Budapest, Debrecen, Győr, Kecskemét, Miskolc, Pécs, Sopron, Szeged and Szombathely. But our exchange authorizes fast and secure transactions through different means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. The better news is that there is no exchange fee applied by using our services.
Users of eCredits use an eWallet app, which simulates a non-custodial cryptocurrency
wallet. This means that only you have access to your assets and can store them.
Nobody else can access or restore your private key, and only you are permitted to send
or receive assets. On a decentralized blockchain, every transaction is safe and
inaccessible. This eWallet also allows users to connect with third party centralized or
decentralized applications or exchanges. Please note that in order to ensure your
assets’ security, User Account, Secret Phrase and the Private keys should be kept
personal and you may not share your credentials with anyone. You are solely
responsible for remembering, storing, and keeping your credentials in a secure location;
therefore, it is recommended to back up your information so that you can safely retrieve
them in case it was lost.