Electra In Process To Accept Crypto-Currency

Ricardo Salinas Pliego, president of Grupo Salinas, announced that Elektra will be the first retail store in Mexico where it will be possible to buy with Bitcoin, despite the fact that the central bank has repeatedly said that cryptocurrencies are not considered legal tender in the country and cannot be used to buy or sell goods. Through his Twitter account, the businessman wrote 'The rumors are true, Elektra is the first (retail) store in Mexico that allows buying with Bitcoin. Sorry to beat the competition again. Elektra's website displays a banner ad saying that customers who pay in Bitcoin will access a 20 percent discount on all purchases from Thursday until December 31. Elektra will display a price provided by BitPay that will correspond to the equivalent amount of Bitcoin in pesos that customers have to pay. There will be a time limit for that price to be valid taking into account volatility, say the site's terms and conditions. Elektra's website displays a banner ad that says customers paying in Bitcoin will access a 20 percent discount on all purchases starting Thursday through Dec. 31.

Elektra will display a price provided by BitPay that will correspond to the equivalent amount of Bitcoin in pesos that customers have to pay. There will be a time limit for that price to be valid taking into account volatility, say the site's terms and conditions. Several users of the social network began to share their first reactions to the news. In June, Salinas Pliego endorsed the use of Bitcoin and said Banco Azteca was on its way to accepting the cryptocurrency. "Sure, I recommend the use of Bitcoin, and my bank and I are working to be the first bank in Mexico to accept Bitcoin, if you need more details or information, follow me on my Twitter account," he said on the social network to Microstrategy's billionaire founder, Michael Saylor. The Bitcoin promoter declared last year that he has 10 percent of his liquid portfolio invested in cryptocurrencies.

The Mexican tycoon's fortune, which includes stakes in retail, banking and streaming businesses, has increased $2.8 billion (mdd) this year to $15.8 billion (mdd), according to the Bloomberg Billionaires Index. Last month, the governor of Banco de México (Banxico), Alejandro Díaz de León, indicated that cryptoassets, such as Bitcoin or Ethereum, are not considered alternative currencies. The central banker indicated that for cryptoassets to be used as a means of payment they must adhere to the current monetary and financial architecture. He commented that in order for cryptoassets to be accepted and not jeopardize the current financial architecture, global coordination, investment in systems, processes and technologies, as well as a commitment to work with the private sector, are necessary. Financial institutions cannot allow consumers to buy and sell goods using cryptocurrencies, although companies can use the technology internally, according to Banxico