South African ‘Pick n Pay’ accepts bitcoin

02/05/2023

4,5

★

Pilot testing of bitcoin as a possible currency for payment at Pick n Pay was successful. The company's customers will now be able to pay utility bills, municipal bills and bus tickets using bitcoin.

But while bitcoin is becoming an increasingly attractive payment option for South Africans, Pick n Pay has nonetheless hinted at the possibility of charging $0.04 for bitcoin. This is due to the fact that African authorities have a clear distrust of cryptocurrency.

According to the report of the international exchange Luno, 13% of the population owns any cryptocurrency, so, according to the authorities, the bitcoin market requires regulation. One measure of regulation includes South Africa's current financial advisory and Intermediary services act of 2002, which treats cryptocurrency as a financial asset.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.