Czech Republic’s Energy Giant to Accept Bitcoin Payments, Boosting Bitcoin Adoption

Bitcoin adoption is on the rise as businesses worldwide move onto accepting bitcoin payments. Czech Republic-based Prazska Plynarenska, an energy giant will be accepting bitcoin payments from next month. Recently, Argentinian bank also announced the use of bitcoin for cross-payment system enhancing crypto usage.

Bitcoin Adoption in Czech Republic: Prazska Plynarenska accepting Bitcoin payments

Czech republic’s energy giant Prazska Plynarenska announced that it will soon start accepting Bitcoin Payments. From June 2018, clients will have the choice to pay their monthly dues in cryptocurrencies as well.

In an attempt to modernize their infrastructure, the company is taking the crypto route as it states:

“We want to get closer with the young generation and not be perceived as old.”   

As the users log onto the website of the company to make the payment, one would be presented with two default options involving the national currency Koruna and Bitcoin.

However, the company won’t be holding any bitcoin. The crypto will be converted into the fiat currency as soon as the payment is made.

HN Paul Janecek, a member of the Board of Directors of the company said:

“We will open a payment gateway in June, which will automatically convert our payment in cryptocurrency to the normal currency, so we will not speculate on the development, but if anyone wants to pay an alternative way, we want to allow it.”

Prazska Plynarenska is not the first one to accept bitcoin as payment as Alza.cz, an e-commerce company is already accepting BTC since February 2018. The country is also housing several BTC ATMs and many other businesses that accept BTC as payment.

Also, read: Bitcoin Red Price to End Soon as Feds Launch Investigation into BTC Price Manipulation

Argentina moves to BTC too: Bank allows cross-border payments with bitcoin

Slowly but gradually, cryptocurrencies are recognizing itself as the popular means of payment. Recently, Banco Masventas, a bank in Argentina announced that through a new program, it will allow its customers to make cross-border payments with bitcoin.

By partnering with an exchange startup Bitex, it will compete with SWIFT. First one to base its cross-border payment system on Bitcoin network, the bank states the service will be enabled in about 50 countries. Furthermore, the payment will be processed in 24 hours or less.  

The move is an attempt on Bank’s part to lower its transaction costs and increase the speed.

Over the past several months, cryptocurrency and blockchain have seen a significant growth in the country. No long ago, about 4,000 bitcoin ATMs were also installed in Argentina that showcases cryptos popularity in the country.

With the entry of institutional investors in crypto space and instances like in Argentina and Czech Republic is a positive thing for the market. The developments might be slow but it is certainly taking place which will eventually reflect the market value as well.

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