Chilean remuneration use height Flow announced a partnership with cryptocurrency sell Cryptomkt that allows business to compensate for bland products and services with Bitcoin, Ethereum and Stellar at over 5,000 merchants.
The news outlines a big boost for crypto-related businesses in Chile where the Court of Appeals recently ruled that banks banning services to cryptocurrency exchanges and crypto-related activities had to return sealed accounts, according to internal news opening Latercera.
Flow has integrated an encrypted resolution from cryptocurrency sell Cryptocompra in sequence to settle transactions.
Flow has more than 20,000 business active in several mainstream online-payment platforms, including WebPay, ServiPag, OnePay and Multicaja, which is the largest remuneration height in Chile. Flow is charging the business a 0.90% elect price for Cryptocompra transactions, compared to 4.99% for WebPay, 5.29% for ServiPag, 4.99% for OnePay and 3.99% for Multicaja.
After selecting Bitcoin, Ethereum or Stellar, business can finish a transaction directly in one of the 3 cryptocurrencies. It is then converted into Chilean pesos or euros.
Earlier this year, the fast expansion of Bitcoin in the Chilean economy triggered fears that rising cryptocurrencies could destabilize the financial system. Banks close down crypto-related accounts in an bid to stop the attention from growing. While arising a warning about the risks of buying, selling, trade and investing in cryptocurrencies, Chile’s Financial Stability Board (CEF) pronounced they are not a hazard to the economy.
In April, Banco del Estado de Chile and Itau Corpbanca were systematic to free sealed crypto accounts.
In July, the Court of Appeals also ruled in preference of cryptocurrency exchanges, job the comment closures by Banco Estado an “arbitrary and bootleg action.”