In the past few years, cryptocurrency adoption has skyrocketed and continues to climb. For those who have been pushing for adoption, there’s a piece of good news on the horizon. The grocery retailer Pick n Pay will soon start accepting cryptocurrency payments.
On Tuesday, November 1, the company noted that it would be adding the cryptocurrency option after the completion of the first phase.
The announcement by the grocery retailer didn’t surprise many analysts because the Financial Sector Conduct Authority had formally paved the way for that when it declared crypto assets as a financial product in South Africa.
What that declaration means is that crypto can be regulated. With regulation comes safety for the public who intend to delve into the world of crypto via payments or whatever.
Pick n Pay’s decision to accept crypto payments is particularly significant in that the retailer is one of the largest in South Africa. In fact, some analysts predict that it will provoke an adoption march in the retail sector. When that happens, South Africa might be the better for it.
Until then, there is already a precedent for crypto adoption in the Rainbow Nation, and many are excited. So stay tuned if you please.
