Rio de Janeiro Shop Begins to accept Cryptocurrency via CoinWise

Steven Anderson By Steven Anderson December 21, 2018 Off
bitcoin brazil

The employees at the supermarket, Oásis Supermercados, are trained to process cryptocurrency payments after the store decided to accept cryptocurrency payments.

Douglas Andrade, the manager of the firm, stated that “The clients of the supermarket will now be able to pay for their things by making use of Bitcoin, Litecoin and Bitcoin Cash.”

When talking to a local publication, Andrade stated that his brother Thiago was the first to come up with accepting cryptocurrency payments.  This, he did after seeing a video that explained how to do it.  The video triggered their interest, and eventually, Oásis Supermercados reached out to a crypto exchange to know more.

The firm has 90 employees with an annual turnover of $6.5 million.  About 20 of them were cashiers.  Andrade stated that they had been trained to accept cryptocurrency payments.  He stated that processing payments using cryptocurrency are very easy.  It works like paying with credit cards.  The value is typed by reais, and the system automatically converts it into crypto.  The QR scan is done, and the payment processing is complete.

The shop will be accepting cryptocurrencies by making use of CoinWise.  This company will do the job of converting the cryptocurrency into Reais. Then the payment will be further sent to the shop in 3 days from when the payments were made.

Ever since this system was implemented, no cryptocurrency payments have been made so far. However, the information about the shop accepting these payments has spread far and wide. There have been customers who have suggested that they have to accept other kinds of cryptocurrencies as well. They have requested accepting NANO as well.

This move is occuring when Bitcoin is recovering from a decline of 80% in price trends.  The RFB, Brazil’s Department of Federal Revenue revealed that they are looking to monitor the activities of the businesses that are dealing with cryptocurrency. This, he states is an attempt to avoid money laundering and tax evasion. This approach has not prevented Oasis Supermercados’ from accepting cryptocurrency.

Several cryptocurrency exchanges in this country have been suffering over the past few months. Huobi even dismissed about 10 of their employees in the country. Many of these exchanges are now hopeful after they have seen the reopening of Bitcoin Max, which had recently won a standoff.

There has been a lot of adoption concerning the cryptocurrency industry taking place in Brazil.  A Brazilian supermarket has announced to accept cryptocurrencies.  A digital bank running on blockchain technology is launched, and a lot more is happening in Brazil.

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