Re: LOOK: Biggest financial institution in El Salvador embraces Bitcoin?
The Biggest bank in El Salvador the Bancoagricola bank, now accepting bitcoin to payments. Also according to the news, the bank has been one of the first to implement bitcoin to support for it's financial instruments(loans, mortgages,credit card debt).
Statement of the Carlos Mauricio Novoa, COO of Bancoagricola :
"We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion."
My god, El Salvador is doing it, now that one of the country's biggest institution implement bitcoin as payments, other cryptocurrencies will widely spread and might be accepted for payment too, not just the Bancoagricola bank but also other companies and small stores, what do you guys think?
Statement of the Carlos Mauricio Novoa, COO of Bancoagricola :
"We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion."
My god, El Salvador is doing it, now that one of the country's biggest institution implement bitcoin as payments, other cryptocurrencies will widely spread and might be accepted for payment too, not just the Bancoagricola bank but also other companies and small stores, what do you guys think?
Now that bitcoin is a legal tender in El Salvador we can only imagine how many other companies/banks/startups/merchants will start accepting and using bitcoin as payments.
The thing to consider here is that will El Salvador slowly start accepting other cryptocurrencies as well or will just stick to bitcoin.
Because right now the fees are still comparatively low but the real problems will arise when the bitcoin network is congested and the transaction fees increases.
I think when this happens, it will open a door for El Salvador to accept other cryptocurrencies as a legal tender too.