5,000 Chilean Businesses Accept Crypto Payments

Crypto MKT, a crypto exchange in Chile, has announced that the nation’s citizens will henceforth have the opportunity to get goods and services from 5,000 merchants and pay for them in cryptocurrency. This has been possible through the exchange integrating its systems with a processor that makes crypto payment possible.

Crypto Payment Secured From Crypto Price Fluctuations

According to the statement, Crypto MKT partnered with Flow.cl (an online payment platform) to enable merchants to include cryptocurrency payment as one of their payment options. CryptoCompra.com is the platform which the merchants will use in facilitating payments in cryptocurrency.

CryptoCompra enables customers to make payments to businesses through Bitcoin, Ethereum, and Stellar, the businesses then receive the payments in pesos which is the nation’s fiat currency. CryptoCompra can be accessed in Chile, Brazil, Argentina, and Europe.

The announcement states that Crypto MKT will be putting a guarantee fund in place that would ensure that payments made in digital coins are not affected by drastic fluctuations in the price of the said digital coins, i.e. Bitcoin, Ethereum, and Stellar. The announcement adds that this step assures the client and gives them peace of mind and tranquillity knowing that they will not experience any surprises when making payments.

A Positive Development In Chilean Crypto Industry

The statement adds that the businesses which will be accepting crypto payments have the unique opportunity of trading and receiving payments from anywhere around the world and have the recognition as vanguard companies which facilitate payments which are fast and secure.

This development has been very significant for the crypto industry in Chile considering that major crypto exchanges (Buda, Crypto MKT, and Orionx) had in the past been banned from operating, with the local financial institutions even closing their accounts. This made crypto exchanges seek clear regulations from the regulating bodies in the country.

The Legal Battle With Financial Institutions

The closing of the crypto exchanges accounts resulted in them seeking legal action against the responsible financial institutions. The crypto exchanges took Itau Corpbanca, Banco Estado and Bank of Nova Scotia to the appeals court which was willing to hear the case. The case ended with the court ordering two of the banks, Itau Corpbanca and Banco Estado, to reopen the accounts belonging to Buda. At the time of its accounts being frozen, Buda was reportedly registering over $1 million in its daily trading volumes.

Orionx was also able to win its case where it was suing Banco Estado with the court ordering the bank to reopen the exchange’s accounts saying that the financial institution was in the wrong for closing down the accounts going further to term it as an action that was illegal and arbitrary. The outcome of Crypto MKT’s case has not been made public, but all indications point to it having also won its case and its accounts unfrozen by the financial institutions.

Mario Marcel, who is the president of the Central Bank of Chile, has said that he is looking to implement cryptocurrency regulations that would enable the monitoring of the associated risks by financial institutions.