Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products

With the help of Flexa in developing the system for facilitating crypto payment option, the top bank of El Salvador namely Bancoagricola has announced accepting Bitcoin against payment of debts. The customers of Bancoagricola now have the option to pay Bitcoin at the bank against purchasing of any bank supported financial goods, products as well as services.

7th September, 2021 marks historical day El Salvador’s history because it was the day when Bitcoin became El Salvador’s official cryptocurrency. While the world was thinking over developing their very own particular currencies, El Salvador made a shortcut.

Country’s President said that instead of developing a central bank owned cryptocurrency i.e. CBDC why not adopt Bitcoin as an official currency. The idea belonged to Nayib Bukele, the premier of El Salvador, to legalize Bitcoin under a legislation known as “Bitcoin legal tender”

Since 7th September, Bitcoin is adopted as an official currency which is being used side by side with the US Dollar in the country.

Recently, the major, and in fact the biggest, bank of El Salvador namely Bancoagricola has made an announcement. The bank has officially become the first bank of El Salvador to officially announce accepting Bitcoin. It has been said by the bank that each and every financial product of the bank will be available to customers.

However, if customers are willing to acquire these financial products against payment of Bitcoins, then they can do so without any restraint. Bitcoin payment options will also be available to those customers as well who are seeking to obtain mortgages, loans or credit facilities. Even the credit card facility too can be availed with the perspective of Bitcoin, informed the bank.

Bancoagricola further clarified that whatever uses of Bitcoin have been described in the Bitcoin law would be available to bank’s customers. The bank further told that the payment system of Bancoagricola was not which could facilitate Bitcoin payment option. However, to make the system provide for Bitcoin option, the bank has had to upgrade the system.

For the purposes of the upgradation, Bancoagricola entered into partnership with a crypto company known as Flexa. When Flex did the upgrade then Bancoagricola incorporated the Wompi gateway which is used to make payments digitally.

At the occasion of the Bancoagricola’s announcement of accepting Bitcoins, the bank’s COO, Mauricio Novoa, also commented. He commented that he feels to be proud because Bancoagricola is the first bank in the country allowing customers to use Bitcoins.

Now the interested customers can seek to obtain financial services of the banks without the need of paying hard cash. Instead, they can utilize their Bitcoins towards settlement of their dues towards the bank. Bancoagricola has kept its tradition of always being the first bank in the country in terms of enhancing its financial inclusion.

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