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Mexican retailer Grupo Elektra embraces bitcoin for payments

Mexican retailer Grupo Elektra embraces bitcoin for payments

Grupo Elektra in Mexico will accept Bitcoin as payment for goods, making it the latest shop in Latin America to do so as the cryptocurrency's popularity increases. According to an online ad published on Twitter by Mexican billionaire Ricardo Salinas Pliego, Elektra, a grocery and banking chain owned by conglomerate Grupo Salinas, is providing a 20% discount on Bitcoin transactions.

"It turns out that the rumors are genuine. Elektra is the first (retail) store in Mexico to accept Bitcoin payments "In a tweet, Salinas stated.”I'm sorry for beating the competition once more." BitPay, a Bitcoin payment service company located in the United States, will handle the transactions.

A spokeswoman for Grupo Salinas could not be reached for comment right away. Salinas, one of Mexico's wealthiest individuals, owns the Banco Azteca banking company and said in June that he was trying to open Mexico's first Bitcoin-accepting bank.

Bank of Mexico Governor Alejandro Diaz de Leon, because of its volatility, like other central bankers, has advised against Bitcoin as a high-risk investment and a poor store of wealth. El Salvador became the first country to accept Bitcoin as legal money alongside the US dollar this year. Volaris, a Mexican low-cost airline, followed suit, stating that it will take Bitcoin in El Salvador.

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