Croatian supermarket chain Konzum will accept crypto payment

Konzum is the largest supermarket chain in Croatia, and it has decided to follow the latest crypto trends. Konzum adds cryptocurrency payment methods such as Bitcoin in its supermarket.

On Monday, the company officially announced that it now accepts nine cryptocurrency payments in its online store. This new policy allows customers to use cryptocurrencies to purchase groceries, hygiene products, and household items.

According to the announcement, supported cryptocurrencies include Bitcoin, Ether (ETH), Bitcoin Cash (BCH), EOS (EOS), Dai (DAI), Ripple (XRP), Stellar (XLM), and Tether (USDT) Such stable coins) and U.S. dollar coins (USDC).

To enable new crypto payment options, Konzum collaborated with the local crypto payment processor Electrocoin to implement PayCek. PayCek helps merchants support crypto payments.

The announcement pointed out that, taking into account the high volatility of crypto prices, the PayCek system guarantees buyers a fixed exchange rate at the beginning of the transaction to provide sufficient time for successful execution.

The representative stated that Electrocoin plans to activate three other cryptocurrencies to PayCek before year-end. This will already enable Konzum also to support Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE) payments.

Currently, Konzum’s cryptocurrency payment is only available in its online stores. However, it plans to expand its entire supermarket chain payment options shortly. The retailer operates over 700 stores in Croatia with more than 10,000 employees.

According to Konzum board member Uroš Kalinić, the introduction of encrypted payments demonstrates the company’s commitment to global trends and innovation in the retail industry.

Meta releases its crypto ads ban

Meta, formerly known as Facebook, updated the standards for running cryptocurrency advertisements on its platform. The company announced that it is ending the ban it once put into place for cryptocurrency ads.

The tech giant divides crypto companies into two categories based on whether or not prior written approval is required for advertising.

Crypto-related tax services, news media, and educational resources do not require prior approval, nor do crypto wallets that only allow users to store assets without trading. Crypto exchanges and trading platforms, full-service crypto wallets, and mining-related hardware and software companies require approval.

Advertisers who previously required approval must submit several pieces of information to determine their eligibility, including whether they are trading publicly, any licenses they have obtained, and other background information. Going forward, Meta will only need one of 27 licenses issued from all over the world. This list includes the BitLicense authorized by the UK Financial Conduct Authority and New York State.

Advertisers that have already been approved will not be affected by the changes. Certain crypto products and services will continue to require written pre-approval. The list includes cryptocurrency exchanges and trading platforms, crypto wallets, and mining-related hardware and software.

Since the ad ban was issued in 2018, Facebook has developed a passion for the cryptocurrency industry. When Facebook first announced its not yet fully launched stablecoin project, Libra, the company began to remove these restrictions. 

 

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