5.000 Stores With Crypto Payments In Chili. India Is In The Queue?
RegulationBit News Today1 min read
Cryptomkt, a cryptocurrency exchange in Chile, has announced a partnership with Flow, a national payment platform, allowing customers to use Bitcoin, Ethereum, and Stellar Lumens for transactions across more than 5,000 stores.
CryptoMKT and Flow.cl Join Forces to Enable Bitcoin Payments at 5,000 Stores in Chile
Three Cryptocurrencies Guarded Against Volatility
The alliance integrates Cryptomkt's Cryptocompra payment solution into Flow's payment system. The payments will be processed and converted into Chilean pesos, reais, or euros.
CryptoCompra incorporates a guarantee fund to shield buyers from sharp price swings by locking in the purchase price for a 15-minute transaction window. This safeguard locks in the purchase value from $1 to $2,000, ensuring a fixed price for the purchase despite volatility in the cryptocurrency market.
Competitive Fees for Crypto Payments
Their cryptocurrency payment option, Cryptocompra, is available at a 0.90% transaction fee—a notable reduction compared to traditional payment methods.
Legal Precedents Support Crypto Exchanges
The partnership follows a series of legal rulings concerning bank accounts for crypto platforms in Chile. In April, Chile's Court for the Defense of Free Competition directed three banks to restore the accounts of cryptocurrency exchanges, including Cryptomkt. This ruling was followed by Banco Estado reopening Cryptomkt's account in May.
The court affirmed that this closure violated Article 19 (2) of the Political Constitution of Chile, which guarantees equal treatment to all.
These court decisions, along with the new partnership, mark a notable development in Chile's financial ecosystem.
