El Salvador's largest bank offers bitcoin for loans, credit cards and other services
El Salvador's largest bank offers bitcoin for loans, credit cards and other services El Salvador's largest bank offers bitcoin for loans, credit cards and other services

Banco Agricola is supporting a wide range of bitcoin-related services in El Salvador through a partnership with payments startup Flexa.

Theintroduction of btcoin as a legally accepted means of payment in El Salvador did not have the best of beginnings. Still, financial institutions are doing their best to comply with the law.

Banco Agrícola, the country’s largest financial institution, is one of the first banks to introduce technological solutions using BTC and is already adapting its infrastructure to offer services based on the cryptocurrency through a partnership with Flexa, a digital payments startup.

Banco Argícola and Flexa will introduce bitcoin to banks

According to an official press release shared by Flexa, the integration of the two parties will allow Salvadorans to use basic banking services regardless of whether they choose bitcoin or dollars.

The startup mentioned that Banco Agrícola has begun to support BTC for loans, credit cards, and merchant goods and services in an attempt to comply as quickly as possible with the regulations that have been in place for several days.

The law regarding BTC, Initiated by President Bukele in June and later passed by the national legislature, stipulated that BTC would be recognized as a legal tender, whose acceptance would be mandatory by all businesses in the country whose customers choose to use BTC to pay for the goods or services they offer.

Since bitcoin is a bank-independent instrument, the government created the Chivo wallet and sent $30 in BTC to all Salvadorans who downloaded it. The Chivo wallet is fiduciary, does not depend directly on any bank, and enables instant and supposedly zero-fee exchanges between BTC and dollars.

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From an integrated financial services perspective, Banco Agrícola wants to go one step further. The aforementioned partnership will even serve to offer cryptocurrency exposure at Banco Agrícola outlets without the need for a Chivo wallet.

Banks in El Salvador are not the only ones innovating

Banco Agrícola is a company

a subsidiary of Bancolombia, a leading bank in Colombia. This one, in turn, is working

on integrating with the US-based cryptocurrency exchange Gemini to offer similar services.

Carlos Mauricio Novoa, COO of Banco Agrícola, said that they are excited about the future prospects and hope to continue improving their services.

“We are pleased to be the first financial institution in El Salvador to allow its clients access to bitcoin across our suite of financial products and increase the dimension of financial inclusion. Flexa has played a key role in helping us prioritize our customers’ experience using bitcoin as legal tender in El Salvador; we look forward to launching more innovations with them.”

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