Following CZ’s comments, which were interpreted as a bullish message, new comments came from Binance manager Maximiliano Hinz.
Binance executive says they are gaining crypto customers thanks to inflation
Maximiliano Hinz told Reuters on Wednesday that Binance has seen an increase in clients as rising inflation and a historically strong dollar weigh on the emerging market money market. The manager of Binance’s Latin America region noted in an interview in Lima:
We are witnessing more and more people following cryptocurrencies like Bitcoin as a way to protect themselves from inflation.
Hinz gives an example of Argentina, where annual inflation reaches 90%. Along with Brazil and Mexico, he says the country has become one of the company’s biggest markets. Despite the drop in cryptocurrency prices, Argentine citizens continued to invest their savings in Bitcoin this year.
While Hinz states that other Latin American countries have not yet implemented significant cryptocurrency laws, he does not think this is a bad thing for the company. The point the Binance executive made was that El Salvador recently legally accepted Bitcoin. However, according to Hinz, no meaningful cryptocurrency law has yet been implemented.
Maximiliano Hinz noted that regulations are not always negative
Despite the decline, Hinz says people are still buying cryptocurrencies in a country where annual inflation is over 90%. According to Hinz, who oversees the Latin American region of the global stock market, the scenario is the same in both Mexico and Brazil. Hinz also made statements about the rules, which have been the subject of discussion in recent months. He said that regulations are a framework, they are not always bad.
Binance and Mastercard launch prepaid card in Argentina
cryptocoin.comAs you follow, Binance and Mastercard announced the launch of Binance Card in Argentina last week for the use of cryptocurrencies in daily transactions. Binance Card is part of the company’s ongoing efforts towards global crypto adoption. The product is currently in beta. It plans to launch in the coming weeks. He announced the news on August 4 on Maximiliano Hinz’s Twitter account.
BinanceCard issued by Credencial Payments will cater to all new and existing Binance users in Argentina. It will also allow customers to shop and pay bills with cryptocurrencies, including Bitcoin and BNB, at more than 90 million Mastercard merchants worldwide, both in-store and online. Users will be able to convert cryptocurrencies into fiat currency in real time at the point of purchase.
Binance cardholders will be able to manage their cards through the Binance app and the card dashboard on the website. Users will also be able to view their transaction history and access customer support via the card dashboard.
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