Brazilians will be able to Pay in Cryptos for Groceries

Dec 21, 2018 at 11:30 Update Date :Dec 21, 2018 at 11:30 UTC

According to the local media house, Portal do Bitcoin, a Brazilian supermarket Oasis Supermercados has started to accept crypto payments. The supermarket also asked a local exchange to provide more information and training to its employees on how to accept crypto payment. The supermarket is located in Rio de Janeiro.

Also Read: “What is Bitcoin?” The Most Asked Question of 2018, Reveals Google Trends

The manager of the Oasis Supermercados, Douglas Andrade said that the clients of the supermarket now will be able to pay for their daily essentials in cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin. The supermarket has an annual turnover of over $6.5 million and 90 employees in which 20 are cashiers. According to Andrade, all the cashiers have got the training to accept the payments in digital assets. The process of accepting crypto payment is very easy and user-friendly. He further added:

“It’s really easy. It’s like payment by credit card. The client says which cryptocurrency he wants to pay, the operator types in reais and the system already converts to that crypto. Then just scan the QR code and you’re done.”

According to the local media house, as the supermarket just implemented the system for crypto payment so till now they have not received any payment in the form of cryptocurrencies. Andrade claims that the news has spread and clients are asking about the crypto payments. The clients are even suggesting to start accepting other digital assets including NANO.

The supermarket chain is accepting crypto payments via CoinWISE. CoinWISE will turn the cryptos received by the supermarket in Reais and send them to their accounts after three days. According to Andrade, initially, his brother Thiago started to accept crypto payments after watching a video explaining how to accept crypto payments. After watching the video their interest peaked in accepting crypto payments then the supermarket contacted a cryptocurrency exchange to get more information. A former employee of the supermarket chain introduced the cryptocurrency ecosystem and told them how to start investing in cryptocurrencies.

Brazil’s Department of Federal Revenue (RFB) is also monitoring the activities of businesses which are dealing with digital assets. According to RFB, it can be an attempt to prevent tax evasion and money laundering.

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