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Over 5,000 Retailers Let the Chileans Pay with Cryptocurrency

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Chilean citizens have the green light to buy goods and services provided by more than 5,000 retailers with cryptocurrency.

Chile-based cryptocurrency exchange Crypto MKT has teamed up with digital payment operator Flow.cl to allow the country’s citizens to buy any product from over 5,000 providers with cryptocurrency. The ability to pay with digital assets is due to the integration of CryptoCompra.com features within the merchants’ website, as reported in the official statement.

Thanks to this alliance, the traceability, transparency and security of the transaction is guaranteed.”

CryptoCompra.com platform is an intermediary for digital payments. Its features convert digital assets, whether it’s Bitcoin, Stellar or Ethereum in the country’s national currency. The service is available in Chile, Argentina, Brazil, and Europe.

An important aspect is that customers’ investments are not affected by price fluctuations:

There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client, since it will not have surprises in its payments,” the announcement states.

As stated in the blog post, using cryptocurrencies allow businesses to accept payments from anywhere, giving them the opportunity to be considered as “vanguard” companies that let users benefit from fast and secure services.

The move is a promising one, as the famous Chilean cryptocurrency trading platforms Orionx, Buda, and Crypto MKT have gone through a tough time after local banks closed their financial accounts. After a series of court hearings, Banco Estado and Itau Corpbanca were forced to reopen the accounts of Buda, which until the regular barrage registered $ 1 million in daily sales. Later, it was discovered that Banco Estado realized an “arbitrary and illegal action” when it closed the accounts of Orionx. Even now, it is not known whether third crypto exchange Crypto MKT managed to solve the case with his bank.

Chilean Central Bank’s official, Mario Marcel, has revealed that he considers the need to create a regulatory framework for the crypto sector through which banks will be able to “monitor associated risks.

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