Once a user enters Pražská plynárenská’s website, two kinds of payment options would be presented. The two payment options are Czech’s national currency Koruna and Bitcoin. The company, however, will not hold the Bitcoin and will immediately convert it into fiat currency.
Paul Janecek, a member of the Board of Directors of Pražská plynárenská said
“We will open a payment gateway in June, which will automatically convert our payment in cryptocurrency to the normal currency, so we will not speculate on the development, but if anyone wants to pay an alternative way, we want to allow it.”
Notably, Prazska Plynarenska is not the first company to accept Bitcoin as payment. The e-commerce company Alza.cz has started accepting Bitcoin in February 2018.
Companies across the world are gradually moving towards blockchain technology and cryptocurrency payments. Recently, Argentina’s Banco Masventas bank has started facilitating cross-border payments with Bitcoin. The bank has partnered with Bitex to bypass the SWIFT mechanism. Banco Masventas is planning to expand its service to over 50 countries.
Presently, the new blockchain based system ensures payment to be completed in 24 hours or less. There are more than 4,000 Bitcoin ATM’s currently functioning in Argentina.