Mexican retail and banking company provides support for the Bitcoin Lightning Network

Grupo Elektra, a leading banking and retail company in Mexico, will support the Bitcoin Lightning Network. The announcement came from Ricardo Salinas Pliego, the owner of the company. He tweeted that Grupo Elektra plans to integrate Bitcoin’s Layer 2 solution into their Elektra business network.

Bitcoin adoption is getting a big boost

The new payment function from Grupo Elektra is due to hit the market shortly. The move would provide a flawless experience for users making Bitcoin purchases through the MuunWallet. Promotion of adoption in Mexico.

Salinas Pliego is an accomplished investor and a staunch advocate of Bitcoin. He is currently the third richest person in Mexico with an estimated net worth of $ 15.4 billion, according to Forbes.

In November, the Mexican billionaire announced that he plans to diversify a significant percentage of his portfolio into the world’s first cryptocurrency. More recently, in June 2021, he has announced plans to make its bank Banco Azteca the first financial institution in Mexico to accept BTC.

The businessman made these comments in response to Bitcoin bull Antony Pompliano, who was referring to a. related Video where Salinas had called Fiat a scam. In this viral post, Grupo Elektra founder touts Bitcoin as a great portfolio diversifier, adding that he plans to bring the coin to HODL over the next three decades.

The steadfast one Bitcoin bear stated that hyperinflation in the global economy since the 1980s had influenced his decision to invest heavily in crypto.

Mexican authorities warn against crypto use

Mexico’s central bank fast shot down Pliego’s plans to give Banco Azteca customers access to Bitcoin. The tax authorities reiterated that virtual assets are banned in the Mexican financial system, citing the risks associated with the asset class.

“The country’s financial institutions are not authorized to conduct operations with virtual assets such as Bitcoin, Ether, XRP and offer them to the public,” warned the central bank.

The Latin American country is still against BTC, despite having to contend with high inflation rates due to the ongoing devaluation of its currency.

The acceptance of the Lightning network is booming

Lightning is a second layer protocol based on the Bitcoin blockchain. It introduces a radical solution to the scaling problems of the BTC network.

The protocol allows users to create private payment channels through which they can send payments almost instantly. The solution also enables more cost-effective transactions while maintaining the security and data protection of the base layer.

The Lightning Network has seen significant increases in acceptance over the past few months. In June, Jack Mallers, CEO of Lightning-powered startup Strike, partnered with El Salvador to facilitate the use of Bitcoin as legal tender in that country.

Since then, the demand for Bitcoin’s second layer protocol has increased, with new investors putting massive amounts of capital into the company. The network’s total capacity skyrocketed in July, added over 1,800 BTC and 15,000 new nodes to handle growing transactions.

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