Paraguayan Grupo Cinco Accepts Crypto Payments!

  Paraguayan Grupo Cinco Accepts Crypto Payments! Grupo Cinco, which describes itself as Paraguay's largest entertainment company, will begin accepting multiple cryptocurrencies in July, including bitcoin (BTC, -3.44%) The company's executives Santiago Sosa and Rodrigo Nogues Bazan told CoinDesk that the company's 24 outlets, including nightclubs, restaurants and bars, offer bitcoin as a form of payment, as well as ether (ETH, -4.17%) shiba inu (doge)  and chiliz (chz ). The announcement comes after Paraguayan congressman Carlos Rejala announced plans to introduce a bill to attract international bitcoin mining companies and other crypto businesses to Paraguay. Carlos Rejala said, “Initiatives have a great impact on the development of this bill, which will have a great impact on young people. It will be much easier for my MPs to support this extremely important bill, if it receives local and social support.”

Paraguayan Grupo Cinco Accepts Crypto Payments!

GrupoCinco, announcing that it accepts digital currencies, added that they will provide traditional invoices and receipts to merchants and customers, and that it has more than 50,000 monthly customers. Santiago Sosa, CEO of GrupoCinco, said that cryptocurrency payments are active with the help of entrepreneur Juanjo Benitez Rickmann, CEO of local mining company Bitcoin.com.py. He also added that because Paraguay does not yet have legislation for cryptoassets, it will treat cryptocurrencies as digital assets. Given the fact that 60 % of Paraguay's population is 30 years old, Sosa explained that they predicted the adoption of Grupo Cinco could encourage young people in Paraguay to start using crypto. Paraguayan Grupo Cinco Accepts Crypto Payments!    

Source: Coindesk

 

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