Banco Galicia and Brubank, Argentina’s largest and second-largest private banks, have announced that customers would be able to acquire cryptocurrency.
60% of Argentine survey respondents urged for greater access to cryptocurrency, catalyzing bank decisions to begin enabling crypto trading.
Ignacio Carballo, a market research associate at Americas Market Intelligence, tweeted on May 3 with screenshots of Banco Galicia’s online interface that he had begun supporting Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP) purchases.
The South American country has the world’s sixth-highest crypto adoption rate. Statista projects that by 2021, 21% of Argentines would have used or owned cryptocurrency.
Allowing consumers to purchase Bitcoin and other cryptocurrencies through their banks could help Argentinians stay ahead of the country’s devastating inflation. According to the most recent figures from economic data tracker Trading Economics, Argentina’s inflation rate in April was 55%. Bitcoin’s scarcity and decentralization, according to proponents, make it the ideal inflation hedge.
Last month, the Argentine town of Corradino purchased mining rigs and announced plans to start a Bitcoin mining company to combat inflation. His monthly mining earnings were expected to be in the hundreds of dollars.
The mayor of Argentina’s capital, Buenos Aires, Horacio Rodriguez Larreta, said late last month that the city would begin accepting cryptocurrency as payment for public financial services, citing its high adoption rate. For its people, the city also intends to develop a blockchain-based digital identity (DID) platform.
Argentina, on the other hand, is not the largest country in South America to embrace cryptocurrency. On April 26, the Brazilian Senate passed the “Bitcoin Law” measure, which could provide a much-needed legislative framework for the country’s crypto economy. All that is left is for President Jair Bolsinaro to appoint a commission.