Brazilian supermarket chain, Oásis Supermercados which is located in Rio de Janeiro, recently started accepting cryptocurrency payments. Oásis Supermercados, with the assistance of a local exchange, collected information and trained its employees on how to accept crypto payments.
Portal do Bitcoin, a local news outlet, said that the chain’s clients in Rio de Janeiro will now be able to pay for their things using Bitcoin, Bitcoin Cash, and Litecoin, according to one of the firm’s managers Douglas Andrade.
Oásis Supermercados called a crypto exchange to get more information after watching a video which peaked their interest. The video explained how to use crypto currencies to make payments. Andrade said that his brother Thiago was the one who came up with accepting cryptocurrency payments.
The firm, Oásis Supermercados, reportedly has an annual turnover of $6.5 million and 90 employees, 20 of which are cashiers. All of the cashiers, Andrade noted, are now trained to accept cryptocurrency payments. Andrade said:
“It’s really easy. It’s like a payment by credit card. The client says which cryptocurrency he wants to pay, the operator types in reais and the system already converts to that crypto. Then just scan the QR code and you’re done.”
The supermarket chain will be accepting cryptocurrencies via CoinWISE. CoinWise is a firm that turns the cryptocurrencies they receive into reais (official currency of Brazil) and sends them over after 72 hours of the payments.
Sadly though, no cryptocurrency payment has yet been received due to the recent implementation of the plan. Although Andrade claims the news has spread and some have already suggested it should start accepting other cryptocurrencies, including NANO.
Oásis Supermercados’s administrator credited a former employee with introducing them to the cryptocurrency ecosystem and telling them how to invest. The move comes as Bitcoin appears to be recovering from a year-long bear market that saw its price drop over 80% from its all-time high.
Brazil’s Department of Federal Revenue (RFB) recently revealed that it’s looking to monitor the activities of business dealing with cryptocurrency. This monitoring is being done to prevent tax evasion and money laundering. But RFB’s approach seemingly hasn’t deterred Oásis Supermercados’ owners.
Cryptocurrency exchanges in the country have been facing difficulties in the past few months, with Huobi even dismissing 6 of its 10 employees in the country. A glimpse of hope came, however, after local exchange Bitcoin Max won a standoff to see its account be reopened.