Retail Mexican Giant Elektra Becomes First to Accept Bitcoin with warnings to Investors

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Retail Mexican Giant Elektra Becomes First to Accept Bitcoin with warnings to Investors
Elektra has partnered with BitPay in order to process cryptocurrency transactions. Customers at Elektra, one of Mexico’s largest supermarket chains, will be able to pay their bills in bitcoin rather than traditional currency.

Elektra Accepting Bitcoin Payments

The behemoth made history by being the first retail outlet in Mexico to accept bitcoin as payment. According to the organization, customers who pay using Bitcoin may be eligible for a 20 percent discount on their bills. The promotion is only valid until the 31st of December.

Elektra, which first opened its doors in Mexico in 1950, today has more than 1,100 locations throughout the country. Additionally, it includes the United States, Guatemala, Honduras, Peru, Panama, and El Salvador. Elektra is owned by Ricardo Salinas Pliego, a bitcoin bull who has declared his support for the digital currency market on a number of different occasions.

Despite the numerous advantages of cryptocurrencies, they are well-known for their extreme volatility. Accordingly, any return or cancellation made after completing a BTC transaction will result in a reimbursement in Mexican pesos equal to the amount paid at the time of purchase.

Elektra, on the other hand, issued a warning about the risks associated with dealing in digital assets. In addition, the company stated that “the user accepts and knows that the access, use, and security of his wallet are entirely his responsibility, and that Elektra is not responsible for the access, use, and security of the user’s wallet at any time.”

In a recent letter to investors, he recommended that they get into the Bitcoin ecosystem as soon as they could. Known as “the new digital gold,” the biggest cryptocurrency has been branded as such by Salinas Pliego, the third-richest person in Mexico.