According to a statement on Thursday by Flexa, Bancoagricola has signed a contract with the Crypto Payment network to support Bitcoin transfers for the clients of the bank, including merchant and retail clients.
As part of the agreement, Bancoagricola consumers can make payments through credit cards in the United States currency through Flexa or other lighting network-supported wallets like Eclair and Chivo. According to the statement, these expenditures will not entice any extra expenses and will cover merchant goods and loans, among others.
Recently, Flexa added backing for lighting expenditure, with the trait reportedly targeted at merchant customers.
The partnership between Flexa and Bancoagricola is coming on the heels of Bitcoin becoming a formal tender in El Salvador.
News of dealers in El Salvador acknowledging Bitcoin is becoming routine on social networking platforms. Also, McDonald’s fora are acknowledging BTC as an expenditure.
If the bitcoin adoption police of El Salvador proves flourishing, international money service providers like Western Union and MoneyGram may lose up to $400 million annually, according to the president of the country.
Indeed, settlement accounts for a substantial proportion of the gross domestic product of El Salvador, 23% in 2020, with 70% of the country’s population reportedly obtaining capital from overseas.
The Central American Bank for Economic Integration noted that adopting BTC as formal tender could affect remittances in the country positively. At the time, the Central American Bank for Economic Integration pledged to help the country in creating a technical framework for bitcoin adoption and accepting global anti-money laundering standards.
The Bitcoin law of El Salvador is not without rival as a majority of the population is against the action; Global Financial entities like the global financial fund have also warned against BTC adoption as a currency.