The two largest banks in Argentina, Banco Galicia and Brybank, have announced plans to allow their customers to make cryptocurrency purchases. Such endorsement could be a major turning point for crypto adoption in Argentina.
Argentina is one of the top countries in Argentina, leading in cryptocurrency adoption. Latin America has witnessed a rising rate of crypto adoption, and with the rising inflation rate, citizens have become more willing to endorse cryptocurrencies.
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Argentina’s largest bank supports crypto
A recent report by Bloomberg said that 60% of the respondents to a survey posted in Argentina were seeking a better way to access cryptocurrencies. Such access could be granted if banks were more willing to allow their customers to access crypto trading services.
Ignacio Carballo, an affiliate at the Americas Market Intelligence research firm, posted a tweet on Tuesday containing screenshots of the online interface of Banco Galicia, confirming that this development was on the way. The details showed that the bank would start supporting a wide range of cryptocurrencies, including Bitcoin, Ethereum, USD Coin and Ripple.
Argentina currently ranks as a country with the sixth-largest level of cryptocurrency adoption. A report from the Statista issued a report saying that 21% of citizens in Argentina had either used or owned cryptocurrencies in 2021.
The recent move by the two largest banks in the country could trigger more adoption because it will allow Argentinians to easily access their accounts when they want to buy Bitcoin. Given the high level of inflation, people could buy more Bitcoin now that it is much easier.
Inflation will definitely force more people to buy Bitcoin. A report from Trading Economics said that inflation in Argentina was around 55% for April. According to Bitcoin proponents, scarcity and decentralization gave the coin value.
Another instance of growing crypto adoption in Argentina was when the town of Sorradino announced the purchase of mining rigs and announced plans to commence a mining operation to earn Bitcoin and combat inflation. Argentina’s capital, Buenos Aires, is also planning to accept crypto payments for public financial services.
Brazil is joining the race
Brazil is also joining the race to create a friendly regulatory framework for cryptocurrencies. On April 26, the Brazilian Senate approved a bill seeking to fuel the growth of the local cryptocurrency sector. The bill will be signed into law by Brazilian President Jair Bolsonaro.
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