Bitcoin adopted by Mexican retailer Grupo Elektra for payments

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Mexican group Grupo Elektra will accept Bitcoin as a payment method for purchases, the latest retailer in Latin America to adopt cryptocurrency as it gains popularity.

Elektra, a chain of supermarkets and banks owned by the Grupo Salinas conglomerate, is offering a 20% discount on purchases with Bitcoin, according to an online ad shared on Twitter by Mexican billionaire Ricardo Salinas Pliego.

“The rumors are true. Elektra is the first (retail) store in Mexico that allows you to buy with Bitcoin,” Salinas said in a tweet. “I am so sorry to beat the competition again.”

Purchases will go through BitPay, a US-based Bitcoin payment service provider.

A spokesperson for Grupo Salinas did not immediately comment.

Salinas, one of the richest people in Mexico, is the owner of the Banco Azteca banking business and said in June that he was working to get Mexico’s first bank to accept Bitcoin.

Bank of Mexico Governor Alejandro Diaz de Leon, like other central bankers, has warned of Bitcoin as a high-risk investment and a low store of value due to its volatility.

El Salvador made history this year as the first country to adopt Bitcoin as legal tender, alongside the US dollar. Mexico-based low-cost airline Volaris followed suit, announcing it would accept Bitcoin in El Salvador.

© Thomson Reuters 2021

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