El Salvador’s Largest Bank Enables Bitcoin Payments
El Salvador continues on this glorious part of Bitcoin adoption, and it is not only limited to state or government, but other financial institutions, banks, and various commerce platforms within the country are now accepting payments in Bitcoin. As Bitcoin has been accepted as a legal tender by the state, it becomes the responsibility of financial institutions to comply with the law and issue their products and services in Bitcoin. Bancoagricola will now be supporting various projects entitled to use Bitcoin as a delivery method, including the issuance of credit cards, loans, and other such services in collaboration with Flexa, which is a payment startup company in El Salvador.
This new integration with Flexa will allow Bancoagricola to be able to adopt the relevant technology around bitcoin and then offering multiple services to the users supporting Bitcoin. The users, on the other hand, will have the full authority to be able to use either Bitcoin or Dollars for their transactions or accepting service in either. This will really help the state to endorse Bitcoin as a payment method and its access to the commonwealth because banks are the institutions that make this kind of transition happen as smoothly as possible.
Financial Institutions are Gradually Accepting Bitcoin
Another reason why the largest bank in El Salvador is going for this transition is that it has been made a law by the state that all the financial institutions in El Salvador must comply with it as it has been made mandatory. Unlike the rest of the world, where such transitions almost seem out of the equation, and both banks and the state is perplexed as to what to do with it. They are waiting for the regulations to kick in and other such practices to make the best of the situation, but at the end of the day, it is a leap of faith, and one has to make it closing their eyes and letting their body go into thin air just as El Salvador did. The acceptance of Bitcoin as a legal tender, the development of the state-controlled crypto wallet Chivo and now the passing of the instructions to the banks to adopt Bitcoin are all the recent developments taking place in El Salvador while the rest of the free world sleeps on it.
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