Sunday, August 25, 2019

Brazilian Retail Store Starts Accepting Cryptocurrencies For Payments

Oásis Supermercados, a company which runs two retail stores in Brazil, is now accepting cryptocurrencies from its customers. The company revealed that their interest in these digital assets was kindled after being introduced to them by one of its workers. Therefore, Bitcoin, Bitcoin cash, and Litecoin are now accepted in these stores.

Supermarket Trains Workers to Process Cryptocurrency Payments

Oásis Supermercados is based in Rio de Janeiro, a major city in Brazil. This is a supermarket that raises about $6.5 million yearly and has 90 workers in different departments. Twenty of them who are focused on transacting with cash have now been trained on how to process payments when it comes to virtual currencies.

The company has revealed that all it takes in this case, is to ask the customer which digital asset they will like to make payments with. Next, the coin is converted to its equivalent in reais, the country’s fiat money. CoinWISE is the payment platform that is used during the transaction, and the platform makes returns in reais to the supermarket.

Company Relies on the Financial Advice of a Crypto Exchange

Douglas Andrade, one of the company’s administrators, commented on this new payment system. He said that his brother, Thiago had watched videos to garner knowledge about cryptocurrencies and how they can be applied in their stores. Thiago also sought for the financial advice of a cryptocurrency exchange to execute this payment system.

The administrator also said that accepting cryptocurrencies in its stores is very simple. He compared it to using credit cards which are an easy and fast method of processing payments. It was also noted that while the company may have approved the exchange of goods for digital assets, they have not begun using them yet.

Related Article:  Florida's Court of Appeal Reverses Ruling, Bitcoin May Be Considered as Money

Cryptocurrency is Gaining More Interest in Brazil

Based on recent reports that have been centered around Brazil, it can be said that the South American country is less reluctant to adopt cryptocurrency. Earlier in the week, Atletico Mineiro, a Brazilian club announced that they would be releasing a cryptocurrency which can be used by their fans. This is a token that can be used to purchase tickets to matches and even jerseys.

The Brazilian Government in November hired a Blockchain company to train its employees on the concept of Blockchain and cryptocurrencies. These are people who may have at one time or the other, heard about them. However, they may not have paid close attention to this technology. But now, their interest has been kindled just from a few weeks of training.

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