As El Salvador rolls out Bitcoin as legal tender, many financial institutions have contributed by complying with the law.
Bancoagrícola, the country’s largest financial institution, is among the first banks to add Bitcoin-compatible technology solutions.
They are now ready to offer bitcoin seevices partnership with digital payments startup Flexa.
Meanwhile, Salvadorans can now use basic banking services. For instance, they can decide to deal with Bitcoin or Dollars.
Also, Bancoagrícola will offer Bitcoin for loans, credit cards, merchant goods and services.
This is a way to support the bitcoin law in the country.
A Chivo wallet was created and airdropped $30 in BTC to all Salvadorans who download it.
Furthermore, The Chivo is independent allowing fast and allegedly zero-fee exchange between Bitcoin and dollars.
So, The partnership looks to offer Bitcoin compatibility at Bancoagrícola’s points of sale without the Chivo wallet.
Bancoagrícola is a looking at working with cryptocurrency exchange Gemini to offer similar services.
Carlos Mauricio Novoa, COO of Bancoagrícola said;
“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion. Flexa has been instrumental in helping us prioritize our customers’ experiences using bitcoin as legal tender in El Salvador; we look forward to continuing to innovate alongside them for a long time to come.”
El Salvador’s citizens now have full Bitcoin-to-fiat compatibility.
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