Key Points:
Starbucks has started accepting Bitcoin at its El Salvador locations, which aligns with the country’s push to integrate cryptocurrency into its economy.
President Nayib Bukele acknowledges the limited adoption of Salvadoran Bitcoin payment but remains optimistic about its benefits.
Starbucks has started a program to accept Bitcoin as payment in its stores in El Salvador, according to an update from Bitcoin Magazine recently.
Read more: El Salvador’s Bitcoin Certification Program for Officials
Starbucks Inaugurates Salvadoran Bitcoin Payment
The development was shared in a video published on the X platform, which highlighted the giant coffee company’s grand ambition in cryptocurrency.
In 2016, Starbucks allowed customers to purchase products directly through their mobile application through iPayYou, a US-based Bitcoin payment gateway. iPayYou automatically converts Bitcoin into USD to make it seamless to the users.
Earlier this year, the popular coffee retailer announced it was shelving its NFT program. This included shuttering its Starbucks Odyssey Beta. The company said at that time this move was its own way of evolving and changing its current digital offerings into the future.
El Salvador President Remains Optimistic About Bitcoin Adoption
The Salvadoran Bitcoin payment coincides with a larger El Salvador plan for Bitcoin integration into the nation’s economy since its 2021 decision to adopt its use as legal tender.
In an interview with TIME, President of El Salvador Nayib Bukele said, while Bitcoin hasn’t reached the mainstream adoption he hoped it would, it still brings significant benefits nonetheless. Bukele emphasized that Salvadoran Bitcoin payment are fully optional and raised optimism about what is yet to come from digital currency.
El Salvador remains attached to the integration of Bitcoin into its financial ecosystem, despite the slow pace of adoption that has been slower than expected. This can be seen as one more signal of how innovative the country’s approach is toward cryptocurrency and its future prospects.
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