Argentina's largest two banks to allow crypto trading
Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to make crypto purchases.
Bloomberg reported on May 2 that a resounding 60% of respondents to an Argentinian poll asked for more access to crypto, which catalyzed the banks’ decisions to begin allowing crypto trading.
Affiliate at market research firm Americas Market Intelligence, Ignacio Carballo, tweeted confirmation on May 3 with screenshots of Banco Galicia’s online interface that it had begun supporting Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP) purchases.
.#IMPORTANTE: El Banco Galicia incorpora función de comprar #criptomonedas! Se transforma así en el PRIMER BANCO DE ARGENTINA en ofrecer el servicio #critpo. Impresionante paso de la Banca Tradicional.(P.S.: hay que decirlo: chupate esa mandarina!) pic.twitter.com/0Kpi3oMUIL
The South American nation has the sixth-highest crypto adoption rate in the world. Data and survey firm Statista estimates that 21% of Argentines had used or owned crypto by 2021.
Allowing customers to purchase Bitcoin and other cryptos through their bank could help Argentines stay ahead of the crushing inflation in the country. The latest data from economic data tracker Trading Economics says Argentina’s inflation rate in April was 55%. Proponents say Bitcoin’s scarcity and decentralization make it the ideal inflation hedge.
Last month, the town of Sorradino in Argentina purchased mining rigs and planned on starting a mining operation as a way of earning Bitcoin to fight inflation. Its income from mining was estimated to be several hundred U.S. dollars per month.
Taking into account its high adoption rate, the mayor of Argentina’s capital Buenos Aires,
Read more on cointelegraph.com
