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Argentina’s two largest banks allow crypto trading

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Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to buy crypto.

Bloomberg reported on May 2 that an overwhelming 60% of respondents to an Argentine survey called for more access to crypto, hastening banks’ decision to start crypto trading.

Market research firm Americas Market Intelligence partner Ignacio Carballo confirmed on May 3 with screenshots of Banco Galicia’s online interface that it had started trading Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Ripple (XRP). ) to support. Purchases.

The South American nation has the sixth highest crypto adoption rate in the world. Data and survey company Statista estimates that 21% of Argentines will have used or owned crypto by 2021.

Allowing customers to buy bitcoin and other cryptos through their bank could help Argentines stay ahead of the country’s crushing inflation. The latest data from economic data tracker Trading Economics says Argentina’s inflation rate 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 bought mining rigs and planned to start a mining operation to earn bitcoin to fight inflation. His mining earnings have been estimated at several hundred dollars a 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 start accepting crypto as a means of payment for public financial services. The city also plans to launch a blockchain-based digital identification (DID) platform for its residents.

Related: El Salvador bitcoin wallet is showing “strong signs of adoption,” says Exec

However, Argentina is not the biggest country in South America making huge leaps forward with crypto adoption. The Brazilian Senate finally approved the “Bitcoin Law” bill on April 26, which could help add a much-needed regulatory framework for the local crypto industry. It only needs to pass one more committee to be signed into law by President Jair Bolsinaro.