Mexican Retail Giant Elektra Approves Bitcoin Payment

Ricardo Salinas Pliego, a businessman, has long shown his support for cryptocurrencies in a number of social media posts. He announced in June that he had made stock market investments and invited all of his followers to do the same.

Grupo Elektra of Mexico will accept bitcoin as payment for purchases, making it the latest shop in Latin America to do so as the cryptocurrency’s 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.

“It turns out that the rumours are genuine. Elektra is the first (retail) store in Mexico to accept bitcoin payments “In a tweet, Salinas stated. “I’m sorry for beating the competition once more.”

BitPay, a bitcoin payment service company located in the United States, will handle the transactions.

A spokeswoman for Grupo Salinas could not be reached for comment right away.

Salinas, one of Mexico’s wealthiest men, owns the Banco Azteca banking company and said in June that he was striving to make it the first bank in the country to take bitcoin.

Because of its volatility, Bank of Mexico Governor Alejandro Diaz de Leon, like other central bankers, has advised against bitcoin as a high-risk investment and a poor store of wealth.

El Salvador became the first country to accept bitcoin as legal money alongside the US dollar this year. Volaris, a Mexican low-cost airline, followed suit, stating that it will take bitcoin in El Salvador.

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