{"id":337010,"date":"2021-09-09T19:30:00","date_gmt":"2021-09-09T16:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/el-salvadors-largest-bank-partners-with-flexa-for-bitcoin-payments\/"},"modified":"2021-09-09T19:30:00","modified_gmt":"2021-09-09T16:30:00","slug":"el-salvadors-largest-bank-partners-with-flexa-for-bitcoin-payments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/el-salvadors-largest-bank-partners-with-flexa-for-bitcoin-payments\/","title":{"rendered":"# El Salvador’s largest bank partners with Flexa for Bitcoin payments"},"content":{"rendered":"

“# El Salvador’s largest bank partners with Flexa for Bitcoin payments <\/strong>”
\n<\/p>\n

Bancoagr\u00edcola, El Salvador\u2019s largest financial institution, is set to boost the country\u2019s Bitcoin adoption policy following its partnership with digital payments gateway Flexa.<\/p>\n

According to an announcement<\/a> by Flexa on Thursday, Bancoagr\u00edcola has inked a deal with the crypto payment network to enable Bitcoin (BTC) transfers for the bank\u2019s customers including retail and merchant clients.<\/p>\n

As part of the partnership, Bancoagr\u00edcola customers can make credit card payments denominated in United States dollars via Flexa or other Lightning Network-enabled wallets like Chivo and \u00c9clair. According to the release, these payments will not attract any additional fees and also cover loans and merchant goods among others.<\/p>\n

Flexa recently added support for Lightning payment with the feature reportedly aimed at merchant clients.<\/p>\n

Bancoagr\u00edcola\u2019s partnership with Flexa is coming on the heels of Bitcoin officially becoming legal tender in El Salvador. <\/p>\n

Reports of retailers in El Salvador accepting Bitcoin are becoming quite commonplace on social media<\/a> with Cointelegraph reporting that McDonald\u2019s outlets in the country are accepting BTC as payment. <\/p>\n

Related: <\/em><\/strong>El Salvador says merchants must process BTC transactions \u2014 Or they may face action<\/em><\/strong><\/p>\n

If El Salvador\u2019s Bitcoin adoption policy proves successful, global money service providers like MoneyGram and Western Union may lose<\/a> up to $400 million per annum, according to the country\u2019s president.<\/p>\n

Indeed, remittance accounts for a significant proportion of El Salvador\u2019s gross domestic product \u2014 23% in 2020 alone \u2014 with 70% of the population reportedly receiving money from overseas.<\/p>\n

Back in August, the Central American Bank for Economic Integration, or CABEI, stated that adopting Bitcoin as legal tender could be positively impact remittances in the region. At the time, the CABEI promised to assist the country in building a technical framework for BTC adoption as well as compliance with international anti-money laundering standards.<\/p>\n

El Salvador\u2019s Bitcoin Law is not without opposition as a majority of the country\u2019s population is reportedly against the move. Global financial entities like the International Monetary Fund have also warned against adopting Bitcoin as a national currency.<\/p>\n