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Banks in Argentina to Allow Crypto Trading

The two largest private banks in the South American country, Argentina, Banco Galicia, and Brubank, have agreed to allow their customers to trade crypto assets. They plan to allow customers purchase about four (4) cryptocurrencies, including Bitcoin, through their bank accounts.

A poll was conducted for their customers. On Monday, May 2nd, about 60% of the response demanded more access to the crypto sector, which speedily influenced the decision to allow buying and selling of crypto assets.
Affiliate Marketer at America’s Market Intelligence ( a market research organization) confirmed these decisions the following day with tweeted screenshots of Banco Galicia’s online interface.

The four assets supported include Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Ripple (XRP).
Argentina is ranked the sixth highest crypto-inclined country in the world. Data and Survey firm, Statista estimates that about 21% of Argentines owned crypto as of 2021.

This decision could help decrease the inflation rate in the South American country. Economists say that the inflation rate in Argentina as of April 2022 was 55%.

Earlier in April, a town in Argentina, Sorradino, purchased mining rigs and plans to start mining Bitcoin to resist inflation. With the current mining rate, its earnings are predicted to be about 700 USD monthly.

Stemming from the rising adoption, the Mayor of Argentina’s capital, Bueno Aires, Horacio Rodriguez Laretta, announced that the city would start to allow payments for public financial services like taxes using crypto assets. The city also plans to build and launch a blockchain-based digital identification platform for its citizens. The platform will include all necessary information like Date of Birth, medical records, certificates, and education. The platform will run on Distributed Ledger Technology (DLT) to protect sensitive data.

Apart from Argentina, some other South American nations like Brazil have embraced crypto. Brazil’s senate has approved a Bitcoin Law bill, which could assist its local crypto sector.

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