After a three-month trial period in 39 locations, South African grocery chain Pick & Pay is now officially accepting Bitcoin in all of its 1,628 shops. Customers will be able to purchase goods with cryptocurrencies via smartphone applications or by scanning a QR code and agreeing to the transaction’s exchange rate for the South African rand. The action follows the Financial Sector Conduct Authority (FSCA), the nation’s financial watchdog, classifying cryptocurrencies as financial products in October by amending the country’s financial advice regulations. According to Chainalysis’ 2022 Global Crypto Adoption Index, South Africa is ranked 30th internationally in terms of cryptocurrency adoption. 10% to 13% of South Africans are thought to be cryptocurrency owners.
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