[ad_1]
Grupo Cinco, which describes itself as Paraguay’s largest entertainment company, will start accepting cryptocurrencies, including bitcoin, in July.
The company plans to accept ether, shiba inu and chiliz alongside the first cryptocurrency as payment methods at its 24 outlets, which include nightclubs, restaurants and pubs, told CoinDesk. directors Santiago Sosa and Rodrigo Nogues Bazan.
The announcement comes after Paraguayan Congressman Carlos Rejala announced his intention to introduce a bill aimed at attracting international bitcoin mining companies and other crypto firms to Paraguay. Grupo Cincos’ announcement will increase the chances of the bill being passed by Congress, Sosa said.
“We are talking about leading Paraguayan entrepreneurs who have a lot of influence on young people. This is extremely important because it will be much easier for my fellow MPs to support the bill if there is social support at the local level, ”said Rejala.
When accepting cryptocurrencies, GrupoCinco will provide suppliers and customers with traditional invoices and receipts, Sosa said, adding that the company’s businesses have more than 50,000 customers per month.
GrupoCinco also owns G5Pro, a live entertainment business unit that sold 450,000 event tickets in 2019, Nogues Bazan said. G5Pro will not immediately accept cryptocurrencies for ticket sales, although it plans to do so soon.
GrupoCinco implemented cryptocurrency payments with the help of entrepreneur Juanjo Benitez Rickmann, CEO of Bitcoin.com.py, a local mining company, Sosa said.
Payments will be processed through the Lightning Network and merchants will have the option of holding these cryptocurrencies or exchanging them for fiat, Benitez Rickmann said.
To fit within the framework of current Paraguayan legislation, GrupoCinco will treat cryptocurrencies as digital assets as Paraguay does not yet have legislation for crypto assets, Benitez Rickmann added.
After the COVID-19 lockdown, Sosa and Nogues Bazan started adopting cryptocurrencies for personal use and then decided to bring them into the business, Sosa said.
Adoption of Grupo Cinco could encourage Paraguay’s youth to start using crypto, as 80 percent of the company’s customers are between the ages of 18 and 25, Sosa said, adding that 60 percent of the country’s population is under 30 years old. “This makes Paraguay constantly open to new experiences,” he said.
[ad_2]
picture credit