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BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

May 25, 2018 |

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

Two Bitcoin Cash (BCH) proponents, Javier Barrera and Andrés Rivera, believe the evolution of cryptocurrency will be bolstered by the BCH network so they recently developed a payment processor called Bitek.co. The company offers merchant processing with payable invoices, and accounting services as the Bitek platform provides merchants with the ability to accept BCH and convert all or a percentage of the funds into Colombian pesos.

Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Bitek: Promoting the Use of Bitcoin Cash in Columbian Markets

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to PesosThere’s a new payment processor for the Bitcoin Cash (BCH) network called Bitek.co  — a system that allows merchants from Colombia to accept BCH and convert to pesos immediately if they choose. The business model is similar to the Bitpay service as Bitek offers BCH-based merchant processing, invoices, and accounting services its customers. Bitek also offers a community section on their website for merchants who want to announce they accept BCH. In order to use Bitek merchant who are interested need to register and fill out the necessary information for a payment gateway and receiving deposits in BCH and Colombian pesos.  

Bitek’s founder Javier Barrera recently spoke at the Satoshi’s Vision Conference in Tokyo, and detailed how his team is integrating BCH into Colombia’s retail market. Moreover, earlier this week Javier Barrera and Andrés Rivera explained their passion for Bitcoin Cash in an interview with the Latin American publication Diariobitcoin. The founders explain they believe BCH is a better Bitcoin and “it is the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.” Bitek plans to educate residents in Colombia with meetups and educational programs throughout the region as the firm tells Diariobitcoin:

The objective is to promote the use of Bitcoin Cash in the national market.

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

BCH Meetups and Bitek’s Plan to Launch a Marketplace

Barrera explains that Bitek has three benefits for merchants looking for a BCH payment gateway such as accounting, liquidity with a remuneration in Colombian pesos, and protection from cryptocurrency volatility as BCH deposits can get the equivalent in pesos the same day. The exchange rate is based on estimates stemming from local exchanges and trading platforms like Bittrex. Just like other cryptocurrency payment processors, merchants have the ability to convert 100 percent of their funds into pesos or a fraction. 

Bitek plans to launch a marketplace as well that facilitates trades between buyers and sellers and payments made with Bitcoin Cash. Further Bitek has detailed it has been in talks with BCH-based firms such as Centbee and Nchain concerning future collaborations. The startup has also organized BCH meetups on a weekly basis at popular venues like the Revellion Cultu-Bar. Bitcoin Cash supporters seem pleased with another addition to the slew of companies offering BCH infrastructure services.

What do you think about the Bitek payment service? Let us know your thoughts on this subject in the comments below.


Images via Shutterstock, and Bitek.co


Want to find out how much Bitcoin Cash is worth in real-time or convert your portfolio into USD check out Bitcoin.com’s Bitcoin Cash Converter here!

The post BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos appeared first on Bitcoin News.

Bitcoin News

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto

April 16, 2018 |

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto

Chinese traders in Moscow’s huge wholesale bazaars have become the most active buyers and sellers of cryptocurrency in the Russian capital. The retail turnover there is estimated at almost $ 10 billion a month. Authorities say that most of it is converted to cryptocurrencies and sent back to China where it‘s exchanged to yuan.   

Also read: Cryptocurrency Is the Main Income for 12% of Russian Crypto Users

Crypto Flows Considered Easier To Track than Cash

The three largest bazaars in the Russian capital, “Moskva”, “Sadovod”, and “Food City”, make about ₽600 billion rubles each month (~$ 10 billion). That’s almost a quarter of the retail turnover in the Russian Federation. Practically none of it is deposited in bank accounts, according to Yuri Polupanov, head of the Central Bank’s Financial Monitoring and Currency Control Department. 90% of the businesses there are owned by Chinese merchants and producers, he said during the Thomson Reuters Forum in Moscow, RBC reported.

The retail centers have become pioneers in crypto trade. Russia’s Centrobank believes that Chinese traders convert most of their revenues to cryptocurrency and send it back home, where it is exchanged to yuan. Financial authorities have learned that crypto exchange bureaus are also operating there. Polupanov said that some of them are registered as financial services providers. Inspectors have found discrepancies between their accounting reports and the data gathered remotely by the CBR.

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto
Food City, Moscow

There is no point in denying that cryptocurrency is used in wholesale and retail trade, thinks Elina Sidorenko, head of a working group at the Duma tasked with assessing crypto circulation. “It’s no secret that Chinese merchants are using cryptocurrencies through anonymous wallets. But as soon as they are defined legally in the civil code, these financial flows will be easily controlled. It’s easier to track them than cash,” she said.

Sidorenko believes the situation will improve in a few years. If the central bank has evidence of illegal crypto-fiat exchange, it should give it to the Prosecutor’s Office, she added. Elina Sidorenko noted that illegal activities in these bazaars are not a new phenomenon. Violations of immigration laws and crimes related to laundering of illicit proceeds are flourishing there, she said, admitting: “We should’ve dealt with all that long time ago.”

Relics from The ’90s

The story of improvised retail bazaars and flea markets in Russia dates back to the breakup of the Soviet Union. Many of them were set up in the capital in the ‘90s. They have been targeted by authorities since the early 2000’s. Trade there is often unregulated and untaxed. Government inspectors have found multiple violations of sanitary and fire safety standards, customs and migration regulations.

Chinese Merchants in Moscow Convert Most of Their Cash to CryptoIn the summer of 2009 Moscow authorities closed down the “Cherkizovskiy” bazaar, which was one of the biggest. Russian police found 6,000 containers of contraband worth an estimated $ 2 billion. The newer trade centers “Sadovod” and “Moskva” are now major wholesale markets for clothes and shoes, while “Food City” is the main food distribution center. The volume of retail trade in the Russian capital has been estimated at more than $ 72 billion dollars in 2017. The monthly turnover is between $ 5.5 and $ 7.8 billion. It reaches $ 49 billion USD a month on national level.

Cryptos like bitcoin have been gaining popularity in Russia, where 12% of crypto users now claim cryptocurrency is their main source of income. Two draft laws regulating the crypto sector have been introduced in the State Duma, the lower house of Russia’s parliament. The bill “On digital financial assets” legalizes activities like initial coin offerings and mining. A second draft aims to amend the civil code in order to legalize the use of “digital money” in payments. It’s still unclear whether the circulation of cryptos will be allowed in the country. Recently, Russian media reported that a new crypto exchange bureau is now buying and selling bitcoin for cash in Moscow.

Do you think regulating cryptocurrencies will minimize their use for illicit purposes? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Food City.


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The post Chinese Merchants in Moscow Convert Most of Their Cash to Crypto appeared first on Bitcoin News.

Bitcoin News

Christian convert from Iran converting Muslims in Sweden

January 17, 2018 |

From escaping Iran through the mountains as a Muslim refugee, to surviving domestic abuse and months in Turkey’s terrifying Agri prison, to carving out a life in Europe, Annahita Parsan’s life story is the stuff of a Hollywood movie.
FOX News

Tax Court: In Order To Convert A Home To A Rental, You Should Probably Rent It

May 20, 2015 |

If there’s one thing that confuses the hell out of non-tax people, it’s the concept that they can lose money on an investment — honestly and unquestionably — and yet derive no tax benefit from the loss. For example, if you bought your home for $ 300,000 in 2006, a mere four […]
Forbes Real Time

Free Trade Gains a Convert

May 5, 2015 |

South Carolina textile maker Milliken & Co., like other U.S. companies, dropped its protectionist stance as business went global.
WSJ.com: US Business

15 Interviewing Tips That Convert to Job Offers

March 28, 2015 |

VideoOne of the philosophies that our recruiters adhere to is that if, as a candidate, you’re going to attend an interview, you might as well perform at 110% during the meeting. Regardless of the individuals whom you’re interviewing with or the level of job you’re pursuing, the recruiting team at […]
Forbes Real Time

Exclusive: Top Fox investors seek to convert voting shares, Murdoch may benefit – sources

February 7, 2015 |

Rupert Murdoch, Executive Chairman News Corp and Chairman and CEO 21st Century Fox speaks at the WSJD Live conference in Laguna Beach in this file photoBy Nadia Damouni and Liana B. Baker NEW YORK (Reuters) – Several top investors in Twenty-First Century Fox Inc are pressing for the right to swap their voting shares for ordinary shares, which are trading at an unusual premium, even though the move could hand even more control of the company to Rupert Murdoch, according to people familiar with the matter. Fox's dual-class share structure already gives the 83-year-old media mogul control over 39.7 percent of voting rights, even though he and his family hold only a 12 percent equity stake. Several Fox investors, which collectively own 8 percent of voting rights, have been unhappy about the relative performance of their shares since the company delisted from the Australian stock exchange last May, the people said. Historically, the voting shares had traded at a premium.



Business News Headlines – Yahoo! News

Convert to Islam Tests German Terror Laws

November 3, 2014 |

Standoff between Islamist preacher Sven Lau and German security agents shows the difficulty of drawing a clear line between opinion and sedition.
WSJ.com: What’s News Europe