Cryptocurrency companies continue to expand their businesses into new areas every day, and as the technology becomes more popular, more players in the industry are becoming more and more people are beginning to understand the technology. The convenience of daily transactions is one area where blockchain is being applied to the mainstream.
Pundi X announced that they will launch their payment system in Panama and other countries in the same region. This POS project will be distributed by blockchain development company Chainzilla.
According to Chainzilla CEO Charles Gonzales, Pundi X has developed a payment processor that is compatible with both traditional payment currencies and cryptocurrencies.
This system allows merchants to process payments through traditional payment institutions (such as Mastercard and Visa) and payments made through crypto assets at the same time.
All of these transactions can be processed on a single device, the Verifone X990 device with Pundi X integrated into it.
Chainzilla will provide other services while distributing Pundi X POS terminals. The blockchain development company will provide merchants with tools to convert cryptocurrencies such as Bitcoin into fiat currencies or stablecoins.
This will allow people to seamlessly convert one currency to another and trade cryptocurrencies with ease.
Education and promotion of cryptocurrency
The two blockchain companies have launched educational courses through which people in Panama will learn about this payment system.
In two weeks, the first payment processor will be available in Panama and will be presented at the Revolve Summit, which aims to provide entrepreneurs with the necessary knowledge about blockchain and Pundi X integrated systems.
Chainzilla is also working with the Panama Digital Chamber of Commerce and Blockchain to offer blockchain courses to provide the public with needed information.
The course will take place in October 2019, and The Blockchain Space is another participant in this educational initiative.
Blockchain and Regulation
Pundi X and Chainzilla are aware of the regulatory difficulties they will face as they work to apply the system in some Latin American countries.
Gonzales said the region’s fintech industry is fragmented, making it challenging to create a system that is accepted by the region’s regulators.
The fragmentation of the system in the region will slow down the adoption of Bitcoin in the region, but with the right initiatives, blockchain startups can succeed in their efforts.
The adoption of such a system starts with providing the citizens and merchants of these countries with the right education about blockchain technology and specific payment processing systems.
Gonzales added that the need for education is why they develop courses and programs designed to educate companies, government departments and the people who interact with the system.
in conclusion
These blockchain companies have already begun the mission of introducing blockchain and cryptocurrency to Latin America.
Payment systems are crucial to driving the interests of the cryptocurrency industry, and Pundi X’s integrated POS will attract more people to adopt cryptocurrencies in Latin America.
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