Argentina’s two largest banks allow cryptocurrency trading | Cryptocurrency › Geeky News
Argentina’s two largest banks allow cryptocurrency trading | Cryptocurrency › Geeky News
Argentina’s largest and second largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to make purchases in cryptocurrencies.
On May 2, Bloomberg reported that 60% of Argentine respondents called for greater access to cryptocurrencies, which acted as a catalyst for banks to decide to allow crypto trading.
Ignacio Carballo, a partner at research firm Americas Market Intelligence, tweeted on May 3 with screenshots of Banco Galicia’s online interface that it has begun supporting purchases of Bitcoin (BTC), Ether (ETH), Dollar Coins (USDC), and Ripple (XRP).
The South American nation ranks sixth in the world in terms of cryptocurrency adoption. Data and research firm Statista estimates that by 2021, 21% of Argentines will use or own cryptocurrencies.
Allowing customers to buy bitcoin and other cryptocurrencies through their bank could help Argentines get ahead of the country’s crushing inflation. The latest data from economic data tracker Trading Economics shows that the inflation rate in Argentina was 55% in April. Proponents say Bitcoin’s scarcity and decentralization make it an ideal hedge against inflation.
Last month, the city of Sorradino in Argentina purchased mining equipment and planned to start mining bitcoin to fight inflation. His mining income was estimated at several hundred US dollars per month.
Given the high adoption rate, the mayor of Argentina’s capital Buenos Aires, Horacio Rodriguez Larreta, announced late last month that the city would begin accepting cryptocurrencies as payment for public financial services. The city also plans to launch a blockchain-based digital identification (DID) platform for its residents.
However, Argentina is not the largest country in South America and has taken a huge step forward with the adoption of cryptocurrencies. On April 26, the Brazilian Senate finally approved the Bitcoin Law bill, which could help add a much-needed regulatory framework for the local cryptocurrency industry. All that remains is to accept the commission, which will be announced by President Jair Bolsinaro.
