Grupo Elektra in Mexico will accept Bitcoin as payment for goods, making it the latest shop in Latin America to adopt the cryptocurrency as its 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.
“The rumours are correct. Elektra is Mexico’s first (retail) store that accepts Bitcoin payments “Salinas stated this in a tweet. “I’m sorry to have defeated the competition again again.”
Transactions will be processed by BitPay, a Bitcoin payment service provider headquartered in the United States.
A spokesman for Grupo Salinas did not respond immediately.
Salinas, one of Mexico’s richest individuals, owns the Banco Azteca banking company and said in June that he was aiming to become the country’s first bank to take Bitcoin.
Because of its volatility, Bank of Mexico Governor Alejandro Diaz de Leon, like several other central bankers, has advised against Bitcoin as a high-risk investment and poor store of value.
This year, El Salvador became the first country to accept Bitcoin as legal money alongside the US dollar. Volaris, a Mexican low-cost airline, followed suit, stating that it will take Bitcoin in El Salvador.