BTN News: In recent years, the Dominican Republic has witnessed a surge in businesses adopting cryptocurrency as a method of payment. Despite the enthusiasm, the number of customers actually using digital currencies for transactions remains relatively low. However, the trend is catching on, with more merchants exploring this innovative, albeit unregulated, payment method.
A local entrepreneur in the bicycle sales and repair sector, based in the capital, shared his experience: “I haven’t had any customers pay with crypto yet, but I have set up an account to accept Bitcoin payments.” He is among 40 other merchants participating in a burgeoning payment ecosystem. This system allows for a variety of services to be paid via cryptocurrency, including taxi rides, property rentals, and even grocery purchases at local stores.
Although this businessman is still learning the intricacies of the system, he is optimistic about the potential. He explained, “If a customer wants to pay with Bitcoin, I would receive the payment in Bitcoin, and then my account manager—who helped set up my digital account—would convert it to dollars or pesos for me.”
According to BTC Map, a collaborative platform promoting cryptocurrency usage, most businesses accepting these payments are located in major cities like Santo Domingo, Santiago, Sosúa in Puerto Plata, Punta Cana in La Altagracia, and Samaná.
Pedro Vital, an expert in Bitcoin management, emphasizes the growing community dedicated to fostering a financial culture independent of the regulated banking system. He observes, “Currently, we’re seeing Bitcoin adoption within specific business niches.” Vital is actively educating those unfamiliar with the benefits of cryptocurrencies, encouraging them to engage with this digital asset, which he believes is a rapidly growing global trend.
Cryptocurrency transactions are conducted through mobile applications without the involvement of any bank. Should a merchant need to access the funds in their bank account, they would need to convert the digital asset through the app before depositing it into their account.
On a recent Tuesday afternoon, Bitcoin was valued at $59,137 per coin. Despite the lack of regulation in the country, experts argue that Bitcoin has already demonstrated its potential in the business world. They predict that it will become increasingly attractive to tourists using digital currencies in the future.
In November 2022, the Central Bank announced plans to study the operation of cryptocurrencies in collaboration with other central banks considering issuing their own digital currencies and regulating them.
As the Dominican Republic continues to explore the possibilities of cryptocurrency, it is clear that the landscape of digital payments is evolving. With the ongoing efforts of advocates and the growing interest from merchants, the future of crypto payments in the country looks promising.
