ArgentinaBanco Galicia and Brubank, the largest and second largest private banks in , announced that they will allow customers to buy crypto.
A May 2 survey in Argentina reported that 60 percent of respondents wanted greater access to crypto, accelerating banks’ decisions to allow crypto trading, Bloomberg reported.
Ignacio Carballo, a subsidiary of market research firm Americas Market Intelligence, has released screenshots of Banco Galicia’s online interface on May 3 that shows it has started supporting Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) and Ripple (XRP). He shared a tweet.
Argentina is also known as the country with the sixth highest crypto adoption rate in the world. Data and survey firm Statista estimates that 21% of Argentines use or own crypto by 2021.
Citizens who want to be protected from the extremely high inflation in Argentina seem to be able to buy more and more easily by using this service offered by banks. The latest data from economic data tracker Trading Economics revealed that Argentina’s inflation rate in April was 55%. Proponents say Bitcoin’s scarcity and decentralization make it an ideal inflation hedge.
Last month, the town of Sorradino in Argentina had bought mining rigs and had planned to launch a mining operation as a way to earn Bitcoin to fight inflation. His income from mining is estimated at several hundred US dollars per month.
Horacio Rodriguez Larreta, the mayor of Argentina’s capital city of Buenos Aires, announced late last month that the city will begin accepting crypto as payment for public financial services, given its high adoption rate. The city also plans to launch a blockchain-based digital identity (DID) platform for its residents.
Brazil, another South American country, also approved the ‘Bitcoin Act’ bill on April 26 that could help add a much-needed regulatory framework for the local crypto industry. It only needs to pass one more committee to be passed into law by the President.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.