Thursday, May 19, 2022

Argentina’s Largest Private Bank Start Accepting Major Cryptocurrencies

The Takeaway:

Due to Argentina's severe inflation, it has been one of the top countries in Bitcoin adoption. Cryptocurrency popularity in Argentina has been steadily increasing, which indicates a clear path for widespread adoption.

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Cryptocurrencies have benefited from Argentina’s financial catastrophe, characterized by soaring inflation, a sinking currency, and a lack of available US dollars for investment.

According to a recent study, more Argentinians buy Bitcoin, Tether, Etherium, and Dai as safe havens for their rapidly dwindling retirement funds.

Private Bank is Supporting Crypto! 

Customers of Banco Galicia, Argentina’s largest private bank, can now invest in bitcoin and other cryptocurrencies through various “new investment alternatives.” 

Users can now purchase Bitcoin (BTC), Ether (ETH), USDC, and XRP via the bank’s mobile app’s investing area, which the bank describes as a “new tool.” 

Bank Galicia announced the launch of a new service that would let users buy, sell, and store cryptocurrencies in a convenient, safe, and all-in-one location.

Banco Galicia confirmed the services’ activation after customers posted on Twitter about the new options on Tuesday.

Banco Galicia and Lirium Collaborates

Lirium, an app-based crypto product developed in Lichtenstein, is reportedly being used by Banco Galicia for digital wallets and mobile banking apps.

Martin Kopacz, CEO of Librium, revealed that Banco Galicia allows users to buy and trade Bitcoin but not withdraw or transmit it.

Reports also suggest that the city of Buenos Aires will soon allow residents to pay taxes using cryptocurrencies.

Kopacz said that four Argentinian financial institutions are working with Lirium on plans to offer a crypto trading service, but he didn’t give an exact timetable. Aside from Brazil and Mexico, Kopacz said that Lirium is working on similar integrations there.

The Significance

More than 4 million individuals and businesses use the bank’s services. It has more than 600 offices throughout the world. By the middle of this month, Kopacz said the company plans to push out the new crypto service to all of its customers.

The latest collaboration between established financial institutions and startups aims to make cryptocurrency more accessible to the general public.

Crypto Adoption Continues to Grow in Argentina

According to Deel (a global payroll solutions company), more employees in Argentina are paid in bitcoin than in any other country.

The data suggest that Deel employs more people than any other country globally who are compensated in digital assets. It has grown by more than 340 percent in the last year alone, with small businesses driving crypto adoption. More and more small firms have started to pay their employees in digital assets. 

The South American country has become increasingly open to the use of Bitcoin over the previous two years.

President Alberto Fernandez said in August 2021, when asked if Argentina would follow El Salvador’s lead in legalizing bitcoin, “I don’t want to go too far out on a limb, but there is no reason to say no.”

Since the start of this year, Argentina’s central bank has begun forming a committee to enhance digital wallet KYC standards. 

However, the threat to a larger Bitcoin adoption in Argentina is still looming. As part of the agreement with the International Monetary Fund (IMF) for the country’s recent $45 billion bailouts, the government may take a hostile position towards crypto assets.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Rucha Joshi
Rucha Joshi
Rucha Joshi is a team lead at ChainTimes who is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

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