Leading Mexican Retailer Grupo Elektra Accepts Bitcoin

Mexico’s Grupo Elektra, a leading retailer in Latin America, is accepting bitcoin for payments. The chain belongs to conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, the pro-bitcoin Ricardo Salinas Pliego.

Elektra is a supermarket and banking chain belonging to conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, Ricardo Salinas Pliego. Salinas tweeted Thursday:

The rumors are true. Elektra is the first (retail) store in Mexico that allows you to buy with bitcoin. I’m very sorry to beat the competition again.

In addition, the retail chain is offering a 20% discount on some purchases made with bitcoin, the billionaire confirmed on Twitter. The discount offer is only available until Dec. 31.

Customers can use bitcoin to purchase in Elektra physical stores as well as online, its website details, adding that BTC purchases will be processed by U.S.-based crypto payment service provider Bitpay.

Salinas is a longtime bitcoin proponent. He said in June, “I recommend the use of bitcoin,” adding that he and his bank “are working to be the first bank in Mexico to accept bitcoin.” His bank, Banco Azteca, operates in Mexico, Panama, Guatemala, Honduras, and Peru. It also has a presence in El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar in September. The billionaire reiterated in November, “Buy bitcoin right now.”

Meanwhile, Bank of Mexico Governor Alejandro Diaz de Leon has warned against bitcoin, emphasizing that the cryptocurrency is a high-risk investment and poor store of value due to its volatility.

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