One of the biggest South African grocery stores will accept Bitcoin from customers for the purchase of goods in all its stores.
A recent announcement by pick n pay paves the way for cryptocurrency as a mainstream payment method, he said.
A financial sector conduct authority in South Africa, the financial sector, has declared cryptocurrencies as a financial product in the country on the southernmost tip of the African continent.
Pick n Pay added.
In a statement,pick n pay said that it has tested a payment service technology that enables consumers to buy groceries with cryptocurrency at all cash desks via a wallet that supports Lightning Network, including BlueWallet and Muun.
The Lightning Network is a layer 2 on the Bitcoin base network that enhances the speed of transactions by manifolds and enhances the scalability of the network. The base network is incredibly slow, processing up to five transactions per second.