For thousands of its customers in Croatia, Konzum, a prominent grocery chain, has permitted cryptocurrency payments. Nine cryptocurrencies have been introduced as payment alternatives for the retailer. Bitcoin, Ethereum, Bitcoin Cash, Tether, and USD Coin are just a few of the cryptocurrencies that are available.
The Croatian government is currently undecided regarding the cryptocurrency industry. In Croatia, bitcoin and other cryptocurrencies are not illegal, but they are not recognized by the government either. The country’s stance on cryptocurrency regulation is still up in the air.
A Konzum spokeswoman defended the move, telling the media that the crypto area is rapidly expanding and would eventually decide the future.
“The addition of cryptocurrency payments shows that Konzum is continually watching worldwide trends, implementing innovations, and setting the benchmark in the retail sector.” Konzum board member Uro Kalini was reported by news portal Bitcoin.com as stating, “We are happy to be pioneers in another quickly emerging and influencing the future industry.”
Paycek, a Croatian payment processor, will allow users to select a cryptocurrency of their choice and complete the transaction by scanning a QR code issued by the system. Paycek will give consumers a temporary fixed exchange rate to combat the cryptocurrency market’s volatility.
The cryptocurrency payment option will first be confined to Konzum online purchases, but it will subsequently be expanded to include retail transactions.
This isn’t the first Croatian business to accept cryptocurrency payments.
Greyp Bikes, a Croatian e-bike firm, started selling sophisticated cycling items in September utilizing the same nine cryptocurrencies that Konzum accepts.
In addition, 40 Tifon petrol stations began taking cryptocurrency this year, using Paycek as the payment processor.
Crypto payments are gaining traction among a number of firms despite the lack of regulatory frameworks.
Companies accepting crypto payments in the United States include Elon Musk’s electric vehicle firm Tesla and the American movie theatre chain AMC Theatres.
Crypto payments have risen in El Salvador since Bitcoin was legalized earlier this September.