Argentina’s largest bank has adopted crypto and will enable its customers to start trading four crypto assets containing Bitcoin through their accounts at the bank.
Argentina’s most prominent and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to make crypto purchases.
A report shows that 60% of respondents to an Argentinian poll asked for more access to crypto, which catalyzed the banks’ decisions to start allowing crypto trading.
Ignacio Carballo, a market research firm Americas Market Intelligence, made an acknowledgment tweet on May 3 with screenshots of the online interface by Banco Galicia that it had started adopting Bitcoin (BTC), USD Coin (USDC), Ether (ETH), and Ripple (XRP) purchases.
The South American country has the sixth-highest crypto adoption rate globally. In addition, 21% of Argentines will have used or owned crypto by 2021, as per the data and survey firm Statista.
Allowing customers to buy Bitcoin and other cryptos through their bank could help Argentines stay ahead of the crushing inflation in the country.
The most extensive data from economic data tracker Trading Economics says Argentina’s inflation rate in April was around 55 percent.
Proponents expressed that Bitcoin’s scarcity and decentralization make it the ideal inflation hedge. However, Argentina is not the only largest country in South America taking initiatives with crypto adoption.
Brazil’s senate finally acknowledged the ‘Bitcoin Law’ bill on April 26, which could add a highly-required regulatory body for the local crypto market. In addition, it only requires passing one more committee to be signed into law by President Jair Bolsinaro.Share & like