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.

Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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