Pick n Pay said on Monday it was unlikely to roll out the bitcoin payment platform until there was a regulatory framework for managing risks associated with cryptocurrencies. The grocery retailer piloted the bitcoin payment system at its Cape Town store in what is described as a world first. Industry insiders say other retailers should follow suit. Bitcoin is gaining traction across the world and although not recognised by financial regulators locally, it is being taken seriously. The South African Reserve Bank recently established a fintech programme to explore the implications of virtual currencies and other financial technologies for financial regulation and activities such as lending and investing. Pick n Pay deputy CEO Richard van Rensburg said the pilot was "limited to our canteen store in our head office for a specific period of time and is no longer active". He said: "We don’t expect that in the near term accepting bitcoin will unlock any significant new business and we are ...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.