Samsung Stores In The Baltic Region Now Accept Crypto Payments

News, Now Accepting | July 23, 2018 By:

Crypto payment platform CopPay has announced that Samsung stores in the Baltic region will be using its platform to accept seven different cryptocurrencies for merchandise.

CopPay is a payment platform that allows businesses, consumers and communities to use cryptocurrencies as a mean of payment. The company’s solutions and APIs make it simple for merchants and service providers to become a part of growing cryptocurrency economy and attract new clients.

In its blog post, CopPay announced that electronics giant Samsung is currently adopting the trend of crypto payments while following its slogan of “Turn on Future.” The new crypto payment option will be available at Samsung’s Internet stores as well as physical stores within the Baltic states of Tallinn, Riga, Vilnius and Kaunas. The stores will reportedly accept seven digital currencies, including bitcoin (BTC), ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), NEM (XEM), and Steem (STEEM).

“Customers in Tallinn, Riga, Vilnius, and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money,” CopPay said. “There is a growing trend toward business digitalization and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants.”

The Baltic region, which consists of Lithuania, Latvia, and Estonia, is significantly poorer than its Western European counterparts. In the last decade, however, the region has experienced an economic boom, partly due to cryptocurrencies. There is a great variety of merchants in the region that accept bitcoin payments for coffee, apartments, bars, restaurants, hotels, specialty shops, clothing stores, and massage parlors. No comprehensive regulations have been adopted yet in the Baltic states. However, Latvia recently announced that the government may impose a 20 percent capital gains tax on crypto exchanges.