South African grocery retailer Pick n Pay is now accepting Bitcoin in all of its 1,628 stores following a three-month pilot testing phase in 39 locations. As part of its nationwide rollout, store customers will be able to pay for items using cryptocurrency via smartphone apps or by scanning a QR code and accepting the South African randβs conversion rate at the time of payment. To pay with BTC, customers will need a Bitcoin Lightning Wallet and the CryptoQR scanner app from CryptoConvert, which is linked to the Bitcoin Lightning Wallet. The payment process requires users to scan an itemβs QR code through the CryptoQR app and then proceed to the Lightning Wallet to confirm the rate and complete the transaction. The move came after the countryβs financial regulator, the Financial Sector Conduct Authority (FSCA), amended its financial advisory legislation in October to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa and allowing financial service providers to offer crypto-assets both domestically and internationally. Among the African nations, South Africa appears to be making considerable progress in adopting cryptocurrency. South Africa ranks 30th globally in terms of cryptocurrency adoption according to Chainalysisβ 2022 Global Crypto Adoption Index. It has been estimated that about 10% to 13% of the South African population holds crypto assets. ββββββββββββββββββββββββ- FOLLOW | LIKE | COMMENT | SHARE @cryptoworldpage Get daily Cryptocurrency | NFT | Blockchain news | Finance updates | Entertainment news Any questions | Comment below β¬οΈ please OR slide in our DM ββββββββββββββββββββββββ- #picknpay #pickandpay #picknpayclothing #cryptoadoption #cryptonewsdaily #cryptoworldpage #btcnews #bitcoinprice #bitcoinupdate #mzansinews #southafricans #southafricanblogger https://www.instagram.com/p/CoKNZlXoqbV/?igshid=NGJjMDIxMWI=
