After the whole fiasco involving various banks shutting down the accounts of Orionx, Crypto MKT, and Buda, and the Chilean court ruling their decisions as illegal, Chile seems to be back on track with its crypto revolution.
Crypto MKT, one of the biggest Chilean cryptocurrency exchanges, has recently announced that Chilean citizens can now buy products and services using cryptocurrency from over 5,000 merchants.
This is possible thanks to a partnership between Crypto MKT and a crypto payment processor, an online payments company called Flow.cl. The payments will be made possible through a platform called CryptoCompra.com.
The announcement that comes courtesy of Crypto MKT describes that the CryptoCompra.com platform will not only be available in Chile, but also in Argentina, Brazil, and part of Europe. For Chileans, it means that they can pay using Bitcoin, Stellar, or Ethereum and receive payments in Pesos.
Crypto MKT has also taken into account the crypto market’s volatility and has reassured potential and future customers that the crypto payments won’t be affected by significant price fluctuations. The announcement reads (translated with Google Translate):
“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 regarding their payments.”
Crypto adoption continues in Chile
The announcement also hints at the possible beneficial effects the widespread usage of cryptocurrency might have on the country’s economy. By accepting cryptocurrencies, businesses can accept payments from all over the world, providing them with an efficient way to expand their reach and, ultimately, become international players.
Considering just how swiftly the crypto scene is evolving in Chile, despite various mishaps such as the illegal closing of the crypto exchanges by the country’s state banks, cryptocurrency regulations are to be expected in the following period.