Konzum, a large supermarket chain in Croatia has enabled crypto payments for thousands of its customers in the nation. The retail brand has added nine cryptocurrencies as payment options. These cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Tether, and USD Coin among others. Currently, the Croatian government is on the fence about the crypto space. Bitcoin and other cryptocurrency is not illegal in Croatia, but neither is it recognised by the authorities. Decisions on regulating cryptocurrencies in the country remain unclear.
Backing the decision, a spokesperson of Konzum told the media that the crypto space is growing exponentially and will eventually dictate the future.
“The introduction of cryptocurrency payments is another indicator that Konzum is constantly monitoring global trends, introducing innovations and setting the standard in the retail sector. We are proud to be leaders in another area that is rapidly developing and dictating the future,” news portal Bitcoin.com quoted Konzum board member Uroš Kalinić as saying.
Croatian payments processor called Paycek will allow people to choose a desired crypto coin and complete the payment by scanning a generated QR code. To tackle the volatility of the crypto market, Paycek will guarantee users a temporarily fixed exchange rate.
For the initial phases, the crypto payments option will be limited for online purchases from Konzum but the feature will later be expanded to retail purchases as well.
This is not the first Croatian brand to integrate crypto payments with its services.
Earlier in September, Croatian e-bike company Greyp Bikes began allowing the purchase of advanced cycling products using the same nine cryptocurrencies that have been allowed by Konzum.
Additionally, this year 40 Tifon gas stations started accepting cryptocurrencies with payments facilitated by Paycek.
Despite lack of regulatory frameworks, crypto-payments are picking pace among several brands.
Elon Musk's electric vehicle company Tesla and American movie hall chain AMC Theatres are included among companies accepting crypto payments in the US.
Since Bitcoin was legalised in El Salvador earlier this September, crypto payments have grown in the central American country as well.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.