Over 5000 Merchants In Chile To Accept Cryptocurrencies

Aug 10, 2018 at 11:30 Update Date :Aug 10, 2018 at 11:30 UTC

A crypto exchange platform, Crypto MKT, based in Chile, quite recently unveiled that the Chilean citizens are now welcome to purchase products and services in exchange for crypto tokens from over 5000 merchants of the country.

The recent announcement suggested that merchants of the South American country had found a way to incorporate payment methods using cryptocurrencies through a platform CryptoCompra.com. This was made possible due to a partnership between CryptoMKT and online payments platform Flow.cl.

CryptoCompra’s platform lets people across the globe, precisely in countries like Chile, Argentina, Brazil and Europe make payments using Bitcoin, Stellar, and/or Ethereum. Simultaneously, the merchants receive these payments in Pesos, the country’s fiat currency.

From Crypto MKT’s end, a guarantee fund has been positioned which more or less nullifies the significant price fluctuations in cryptocurrencies’ value. The announcement reads (roughly translated):

“There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client, since it will not have surprises in its payments.”

It further mentions that accepting cryptocurrencies provides businesses a global visibility and a platform to accept payments from all across the globe. The payment portals make for fast, secure payments.

This development is noteworthy, especially as it has taken place in a relatively small country like Chile, in which the top cryptocurrency exchanges, Orionx, Buda, and Crypto MKT braved what is now termed as a “Blanket Ban” on the crypto asset industry as local banks shut down their accounts as they demanded the cryptocurrencies to seek clear regulations.

The entire affair caused major banks in Chile such as the Itau Corpbanca, Bank of Nova Scotia and state owned banks such as Banco Estado to move an appeals court which agreed to hear their plea. The appeals court, which is primarily anti-monopoly, ordered two of the largest banks Banco Estado and Itau Corpbanca to make the accounts of Buda operational again seeing their daily transactional volume of over 1 million US dollars before their accounts were sealed.

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