Flow – a payment service platform based in Chile – recently announced a collaboration with digital currency trading platform – Cryptomkt, which enables clients to pay for everyday services and goods with Bitcoin (BTC), Stellar Lumens, and Ethereum (ETH) at more than five thousand merchants.
Chile Now Provides a Better Environment for the Growth of Digital Currency and Blockchain Technology
This news signifies a massive boost for digital currency-related businesses in the country. Recently, the Court of Appeal in Chile ruled that banks prohibiting digital currency trading platform services and other digital currency related activities had to restore closed accounts – according to Latercera, a local news outlet.
Flow – the payment platform – has incorporated an encoded solution from Cryptocompra – a digital currency trading platform – in order to settle transactions. Flow boasts of more than twenty thousand active clients in multiple mainstream online-payment networks, including ServiPag, Multicaja, OnePay, and WebPay.
The payment platform is charging its users a commission fee of 0.9 percent for Cryptocompra transactions, compared to 5.29 percent for ServiPag, 3.99 percent for Multicaja, 4.99 percent for OnePay, and 4.99 percent for WebPay. After choosing BTC, ETH, and XLM, users can complete transactions directly in any of the digital currencies. It is then converted into Chilean pesos or euros.
The Enormous Growth of Bitcoin (BTC) in Chile
Earlier this year, the speedy growth of BTC in the economy of Chile elicited fears that upcoming digital currencies could disrupt the financial system. In an effort to destabilize the growth of the crypto industry, banks shut down digital currency-related accounts. While issuing a warning regarding the risks of trading, investing, selling, and buying digital currencies, the Financial Stability Board of Chile said that they’re not a threat to the economy.
In April, there was an order for Itau Corpbanca and Banco del Estado de Chile to reopen closed digital currency accounts. Last month (July), there was also a ruling from the Court of Appeal in favor of digital currency trading platforms, and this could lead to a massive growth of digital currencies in the country.