Cryptocurrencies are Thriving in Argentina

Argentina has gone through a lot in the past ages where it has been affected by an autocratic leadership that rocked even the country’s infrastructure but this is now in the past as the country is now improving and cryptocurrencies are said to be thriving presently. It is even interesting to note that people in Argentina are now accepting Bitcoin for change.

In the recent past, the people of Argentina have been voicing there concerns against the high inflation. Most of them are now realizing that the value of their currency is low compared to the currencies in the market.

Bitcoin being accepted for change

The citizens of Argentina have found themselves in an awkward positions especially now that it is difficult to convert their currency into a stable currency. In fact, even changing the currency is termed as illegal unless one is travelling outside the country and those who travel overseas are not so many.

An interesting event took place last week at “Bitcoin Day” in Bueno Aires where more than 500 people attended the event that was aimed at serving as a growing demand for information on the technology. The conference served as a reminder of how Argentina is still a leader in regional adoption even though Colombia’s petro cryptocurrency has been on the spotlight.

Guillermo Torrealba who is the CEO of the cryptocurrency services firm Buda (Chile) said the following:

“There are even banks here that have executives that are exclusively dedicated to cryptocurrency companies.” He even compared the situation in his home country Chile and the situation there.

“In Chile last week, all commercial banks have decided to close the accounts to all the cryptocurrency companies at the same time. They killed the industry,” said Torrealba.

This is not to say that other countries will not follow the progressive steps that Argentina has taken. He further added that the only thing that would end the blockade was if there was an intervention by the government or the judiciary. Torrealba also added that countries such as Peru were already pursuing a different strategy and willing to learn from other countries.

“We believe that it is not long before the traditional financial industry will come looking for us in order to begin to use infrastructure,” he said. In Argentina, this may already be happening.

Other dignitaries that recognized the progress that was being made include Gonzalo Blousson who is the CEO of digital notary startup Signatura who acknowledged that cryptocurrencies were making inroads to the great masses. The country is already taking steps towards registering official bulletins on the blockchain.

“We used to call the companies to tell them what blockchain is about. Today they call us to improve their processes,” said Mr. Blousson.

As other countries are becoming increasingly cautious about how to handle cryptocurrencies, Argentina stands as one of the few countries that cryptocurrencies are thriving in. The President of the Argentine Bitcoin Foundation, Mr. Diego Gutierrez Zaldivar expects a bright future for Bitcoin in the country.

 

Leave a Reply