El Salvador’s largest bank has partnered with Flexa to accept Bitcoin payments

Flexa will be able to accept Bitcoin payments from Bancoagricola’s network, including loans and credit cards.
Bancoagricola is El Salvador’s largest bank and will be promoting Bitcoin adoption in the country as a result of its partnership with Flexa, a digital payments gateway. According to the release, these payments will not attract any additional fees and also cover loans and merchant goods among others.Flexa recently added support for Lightning payment with the feature reportedly aimed at merchant clients.Bancoagricola’s partnership with Flexa is coming on the heels of Bitcoin officially becoming legal tender in El Salvador. Cointelegraph reports that El Salvador’s McDonald’s outlets are accepting Bitcoin as payment. Related: El Salvador demands that merchants process BTC transactions — or they may be punished. According to the country’s president, if El Salvador’s Bitcoin adoption strategy proves to be successful, global money service providers MoneyGram and Western Union could lose up to $400m per year. In August, the Central American Bank for Economic Integration (or CABEI) stated that the adoption of Bitcoin as legal tender could positively impact remittances within the region. The CABEI had promised to help the country build a technical framework for BTC adopting and compliance with international anti-money laundering regulations. However, El Salvador’s Bitcoin Law has been met with opposition from the majority of the country’s population. International financial institutions like the International Monetary Fund warn against Bitcoin being adopted as a national currency.

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