Samsung Stores in Three Baltic Countries Start Accepting Cryptocurrency Payments

  • Samsung stores in the Baltic region are reportedly accepting payments in various different cryptocurrencies, including bitcoin and ethereum.
  • Per reports, Samsung will start accepting cryptos in other regions and online.

Electronics giant Samsung has recently started accepting cryptocurrency payments in Latvia, Estonia, and Lithuania, and is reportedly going to start accepting various cryptos on other regions in the future.

According to a blog post published by cryptocurrency payment processor CopPay, Samsung is now accepting bitcoin (BTC), litecoin (LTC), ethereum (ETH), dash (DASH), ripple (XRP), NEM (XEM) and steem (STEEM) in its Baltic region stores. The post reads:

Customers in Tallinn, Riga, Vilnius and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money.

CopPay

Per CopPay, there’s a “growing trend toward business digitalization and allowing customer to pay for goods and services in cryptocurrency,” a trend that the electronics giant is seemingly joining.

The European cryptocurrency payment processor further noted that the “crypto-payment feature will be available soon at Samsung’s internet stores,” presumably meaning users outside of the Baltic region will be able to buy smartphones, tablets, laptops, and more using cryptocurrency.

Cryptocurrencies have been notably growing in popularity in the Baltic states, with most of them having relatively lax regulations towards the sector. In Latvia, as CryptoGlobe covered, the government may impose a 20% capital gains tax on crypto transactions.

While regulators in these countries have warned that investing in cryptocurrencies is risky and that these aren’t recognized as legal tender, it’s seemingly legal to buy, sell, and hold cryptocurrencies.

Samsung itself has been slowly entering the cryptocurrency space. Earlier this year, it started producing cryptocurrency mining chips. In April, the South-Koran giant revealed it was looking into distributed ledger technology to improve efficiency for its massive global shipments network.

It’s worth pointing out that CopPay lets merchants who use its services either keep received funds in crypto, trade them for their equivalent in fiat, or a mixture of both options. Whether Samsung will keep the cryptocurrencies it receives is unclear.

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Tim Draper Calls Indian Government “Pathetic and Corrupt” Over Bitcoin Ban

  • Tim Draper calls the Indian government "pathetic and corrupt" over a proposed ban on cryptocurrency.
  • Unofficial drafted bill has emerged online making the use of cryptocurrency punishable with 10 years in prison.

American billionaire investor Tim Draper has called out the Indian government over its purported plan to ban bitcoin and all forms of cryptocurrency. 

Proposed Bitcoin Ban

On July 14, blockchain lawyer Varun Sethi published to Twitter an unofficial draft of a bill circulating the Indian government that would ban the use of cryptocurrency. 

In addition to prohibiting the use of bitcoin, the bill seeks to impose a 10-year prison sentence on Indian citizens who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.” The bill does allow one caveat for the digital rupee, which is a token issued and backed by the Reserve Bank of India (RBI). 

Pathetic and Corrupt

In response to the proposed ban, Tim Draper took to Twitter to vent his feelings against the Modi government. 

Draper, who is known for his massive investments in Baidu, Skype, and Tesla, has become a bitcoin bull over the years, in addition to issuing some of the more far-fetched price predictions.

The American investor has also been an active presence encouraging developing countries to consider the benefits of bitcoin and digital currencies. More recently, he advocated the utility of bitcoin to the Argentine government, a country that has been combating fiat hyperinflation for years. 

Others Weigh In

Other high profile individuals have voiced their disapproval over the Indian government considering a bitcoin ban, including Barry Silbert who predicted the decision having the opposite effect on bitcoin adoption. 

John McAfee also chimed in with his belief that governments have little control over the use of bitcoin. 

Supporters of the Ban

However, not everyone took kindly to Draper’s harsh criticism of the Modi government. Given the rise in cryptocurrency-related scams over the past two years, some Indian citizens believe banning bitcoin will be a net positive for the country. 

While Draper may be stirring national sentiment related to cryptocurrency, it’s worth noting that the Indian government has yet to impose a ban of any sort. However, given the amount of rhetoric over the last several months and the more recent emergence of the drafted bill, it appears the Modi government is indeed contemplating decisive action against bitcoin and digital currencies.