Argentina’s two largest banks to accept crypto trading

Argentina’s largest bank has adopted crypto and will enable users to purchase four crypto assets, including Bitcoin, through their bank accounts.

Customers will be able to buy cryptocurrency through Banco Galicia and Brubank, Argentina’s largest and second-largest private banks, have stated that customers will be able to buy cryptocurrency.

On May 2, Bloomberg reported that an overwhelming 60% of respondents in an Argentinian survey called for wider access to crypto, causing banks to start authorizing crypto trading.

Ignacio Carballo, an affiliate at market research firm Americas Market Intelligence, revealed on May 3 that Banco Galicia has started enabling Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP) purchases using screenshots of Banco Galicia’s online interface.

The South American country has the world’s sixth-highest rate of crypto adoption. According to Statista, by 2021, 21% of Argentines would have utilized or acquired crypto.

Enabling customers to buy Bitcoin and other cryptocurrencies via their banks could help Argentines remain at the forefront of the country’s devastating inflation. Argentina’s inflation rate in April was 55%, according to recent figures from economic data tracker Trading Economics. The scarcity and decentralization of Bitcoin, as per proponents, make it the ultimate inflation hedge.

Last month, the town of Sorradino in Argentina acquired mining equipment with the aim of launching a mining operation to earn Bitcoin to combat inflation. Its mining revenue was projected to be in the hundreds of dollars every month.

Horacio Rodriguez Larreta, the mayor of Argentina’s capital Buenos Aires, revealed earlier last month that the city would start accepting cryptocurrency as payment for public financial services, citing its high adoption rate. In addition, the city intends to develop a blockchain-based digital identification (DID) platform for its residents.

Argentina, on the other hand, is not the largest country in South America to embrace cryptocurrency. On April 26, Brazil’s senate passed the “Bitcoin Law” bill, which could provide a much-needed legislative framework for the country’s crypto sector. It simply needs to pass one more committee before President Jair Bolsinaro signs it into law.

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