Argentina's Two Major Banks Will Enable Cryptocurrency Trading.

2022-05-03 | Selina Mathew

Argentina's Two Major Banks Will Enable Cryptocurrency Trading.

Banco Galicia as well as Burbank, Argentina's biggest as well as second-largest private bank, have confirmed that clients would be able to acquire cryptocurrency.

Bloomberg stated on May 2 that an overwhelming 60% of participants in an Argentinian poll requested more exposure to cryptocurrency, which prompted banks to commence enabling cryptocurrency trading.

Ignacio Carballo, an affiliate at market research company Americas Market Intelligence, confirmed on May 3 with screenshots of Banco Galicia's online interface that it had started accepting Bitcoin (BTC), Ether (ETH), USD Coin (USDC), as well as Ripple (XRP) purchases.

The South American country has the world's sixth-highest rate of cryptocurrency usage. Statista projects that by 2021, 21% of Argentines would have used or possessed cryptocurrency.

Enabling consumers to buy Bitcoin as well as other cryptocurrencies through their bank might assist Argentines to keep ahead of the nation's devastating inflation. According to the most recent figures from economic data tracker Trading Economics, Argentina's inflation rate in April was 55%. Bitcoin's limited availability and decentralization, according to adherents, end up making it the optimal inflation hedge.

The previous month, the Argentina municipality of Sorradino acquired mining equipment with the intention of beginning a mining business to generate Bitcoin to combat inflation. Its mining income was expected to be few hundred dollars per month.

Given its widespread acceptance, the mayor of Argentina's capital, Buenos Aires, Horacio Rodriguez Larreta, said late the previous month that the city will start taking cryptocurrency as payment for public financial services. In addition, the city intends to develop a blockchain-focussed digital identity (DID) platform for its citizens.

Nevertheless, Argentina is hardly the biggest nation in South America making huge strides in cryptocurrency acceptance. On April 26, Brazil's senate officially adopted the 'Bitcoin Law' bill, which might assist establish a much-required regulatory framework for the country's cryptocurrency economy. It simply requires to satisfy one more committee before President Jair Bolsinaro signs it into law.


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