Closure or switching to cryptocurrencies are some of the options explored by money exchange businesses in Croatia in the wake of the country's euro zone membership, state news platform Hina said on Tuesday, in their summary of an article published by Jutarnji List daily.

On Monday morning, the first business day since the introduction of the euro on New Year’s 2023, exchange bureaus opened despite the fact that they can no longer exchange kuna for euros, which used to account for 85 percent of their operations, with most of them reporting almost no transactions.

Anita Filipovic, an employee in one of those offices, Hina said, said that their Slovenian colleagues had told them that after Slovenia introduced the euro, only 5 percent of all money exchange businesses, mostly located in Ljubljana, managed to survive. Hina did not say when did Slovenia switch to the euro.

According to Jutarnji List, money exchange businesses estimate that only 5-10 percent of exchange bureaus in Croatia might avoid closing down. According to data from the central bank, there are 1,147 registered money changers in Croatia. Together they operate around 3,500 exchange bureaus and employ more than 10,000 people.

Around 900 money changers provide the service of foreign currency exchange, and on average exchanging the kuna into euros and vice versa accounted for 86 percent of their operations, with the US dollar accounting for another 6 percent, and the Swiss franc accounting for another 5 percent.

An owner of one of these bureaus, who was not named by Hina, said some of his colleagues were considering switching to cryptocurrencies. Another businessman, who owns a chain of 11 exchange bureaus and has already closed two, estimated that only 10 percent of these businesses might continue operating, meaning that more than 1,000 of them will have to close, which will result in the loss of thousands of jobs.

He said he hoped that his bureaus in Dalmatia and at airports will continue operating.