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GoldConnect, a Latin American telecommunication firm has announced to accept payments in cryptocurrency, a step taken to help the netizens. The payment will be processed via BitPay.
Latin American firm GoldConnect will now accept payments through cryptocurrency. In one of its kind moves, the company has announced that it will now accept all the payments in cryptocurrency through payment processor BitPay. It is one of the important milestones that the telecommunications wholesaler has achieved in the region that boasts of Bitcoin (BTC).
GoldConnect will accept payment directly through LatamConnect. It is a platform that directly connects with BitPay. It is also interesting to note that all the crypto payments made via BitPay will be settled in local fiat currency.
When asked about this move of accepting payments in cryptocurrency, GoldConnects confirms that accepting payments in cryptos reflects growing demands for such services across the 17 Latin American and Caribbean countries in which it has its presence.
GoldConnect is a disruptive telecom provider in the LATAM region and is committed to popularise the latest technologies and business models to improve the interaction and experience of the clients.
On joining hands with GoldConnect, Vice President of BitPay, Shaun Worley said that GoldConnect knows the potential of cryptos to change the wholesale telecommunication industry, making payments faster, more secure and less expensive on a global scale.
Latin America- a hot bed for cryptocurrency
Latin America is attracted towards the use of cryptocurrencies in daily life. It is becoming a hot cake in the region. The cryptocurrency activities are scaling up on a daily basis. This is evident from the fact that El Salvador became the first country to embrace bitcoin and made it a legal tender in the region. This has set the stage for the mass adoption of cryptocurrency in the region. Political representatives from countries like Brazil and Panama are also expressing interest towards the use of cryptocurrencies and embracing bitcoin in the region.
It is to be noted that Bitso has become the first billion dollar cryptocurrency exchange in Latin America. After almost 6 years, Bitso was able to bring 1 million users and it will take another 10 months to register 2 million, highlighting the steep adoption curve in the 2020-2021 bull market.
Embracing Bitcoin
El Slvador President Nayib Bukele took a historic move after making bitcoin a legal tender in the region. The central american country in the region has become the first in the world to recognize cryptocurrency. This move has spurred other Latin and South American countries to follow suit.
President Nayib Bukele put his vision forward and said that he wants to help entrepreneurs embrace El Salvador as a base and make bitcoin free from capital gains tax. In many countries, any income incurred via bitcoin is taxable to a certain amount confirmed by the country. The percentage of the tax varies from country to country.
The proposal put forth by President Bukele will help the bitcoin holders, who want to earn BTC tax-free, will be liable to stay in El Salvador. He had in his tweet informed that his government will help settle foreign workers in finding a place to settle..
This move will see a significant change in the adoption of the bitcoin and other cryptocurrencies. With every positive movement, comes the negativity too. Hence, in this case there were some critics who did not like the move taken by Bukele.
The critics believed that the decision was made in a rush and that things have moved quickly in El Salvador. Just after the announcement by Bukele in the Bitcoin 2021 Conference in Miami, the work to get bitcoin legalised in the region starts rolling and in a few days time, Bukele’s plan for bitcoin became a reality in El Salvador. The Salvadoran Legislative Assembly voted in favor of the new law on June 9.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
