CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,280.00
  • ethereum
    ETH$1,682.36
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » El Salvador’s Largest Bank Will Support Bitcoin for Loans, Credit Cards and Other Services

    El Salvador’s Largest Bank Will Support Bitcoin for Loans, Credit Cards and Other Services

    Author: Felix Mollen

    Last Updated Jun 8, 2022 @ 14:03

    Bancoagricola is supporting a broad variety of Bitcoin-related services in El Salvador thanks to a partnership with payments startup Flexa.

    The use of Bitcoin in El Salvador has not had the best of starts. Still, financial institutions are already doing their best to comply with the law.

    Bancoagrícola, the country’s largest financial institution, is among the first banks to include Bitcoin-compatible technology solutions and is already adapting its infrastructure to offer Bitcoin services thanks to a partnership with digital payments startup Flexa.

    Bancoargícola and Flexa Partner to Bring Bitcoin to the Banks

    According to an official Press Release shared by Flexa, the integration of both parties will allow Salvadorans to use basic banking services regardless of whether they choose Bitcoin or dollars.

    The startup mentioned that Bancoagrícola began supporting Bitcoin for loans, credit cards, and merchant goods and services in an attempt to comply with the Bitcoin Law as soon as possible.

    The Bitcoin Law, introduced by President Bukele in June and approved a few hours later by the country’s pro-Bukele congress, stipulates that Bitcoin will be recognized as a legal tender, being of mandatory acceptance by any economic agent with the minimal means necessary to use it.

    ADVERTISEMENT

    Since Bitcoin operates outside the banking structure, the government created the Chivo wallet and airdropped $30 in BTC to all Salvadorans who download it. The Chivo wallet is custodial, does not depend directly on any bank, and allows immediate and allegedly zero-fee exchange between Bitcoin and dollars.

    But Bancoagrícola would be going a step further from the point of view of integrated financial services. The partnership will even serve to offer Bitcoin compatibility at Bancoagrícola’s points of sale without the need to use the Chivo Wallet.

    Banks in El Salvador Are Not The Only Ones Innovating

    Bancoagrícola is a subsidiary of Bancolombia, Colombia’s leading bank. In that country, Bancolombia is working on an integration with US-regulated cryptocurrency exchange Gemini to offer similar services thanks to the regulatory sandbox currently in place since 2019.

    The integration with Flexa would be a unique innovation worldwide. Carlos Mauricio Novoa, COO of Bancoagrícola, said they are excited about the future prospects and hope to continue improving their services in this new economic stage that is beginning in the country.

    “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.”

    Thanks to this solution, Salvadorans would have full Bitcoin-to-fiat compatibility even if they use a third-party wallet beside the government-sponsored Chivo wallet.

    This article was first published on: Sep 10, 2021 

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • ParaguayBitcoin
      Paraguayan Official Confirms: In July We Legislate Bitcoin
    • el-salvador-btc
      Massive Anti Bitcoin Protests Fill The Streets of El Salvador
    • BitcoinCuba
      Cuba's Government Looking to Recognize Bitcoin and Crypto for Payments: Report
    Tags: Bitcoin Bitcoin Adoption El Salvador
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Felix Mollen
    More posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$23,280.00
  • ethereum
    ETH$1,682.36
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!