Two largest private banks in Argentina to allow clients trade crypto

  • The two largest private banks in Argentina, Banco Galicia, and Brubank have announced that they will allow customers to buy Bitcoin and three other assets via their accounts.
  • According to Bloomberg, 60 percent of respondents in Argentina admitted in a survey that they want more access to crypto. 

With the rising demand for crypto among South American investors, the two largest private banks in Argentina, Banco Galicia, and Brubank have announced that they will allow customers to buy Bitcoin and three other assets through their bank accounts. The decision comes following a recent survey conducted by Bloomberg disclosing a spike in demand for cryptos among Argentines. According to Bloomberg, 60 percent of respondents in Argentina admitted that they want more access to crypto. 

The high crypto interest among Argentines is no secret as Statista has disclosed that 21 percent of the nation’s population had used or owned crypto as of 2021. Also, the country has the sixth-highest crypto adoption rate in the world. Ignacio Carballo, an Affiliate at market research firm Americas Market Intelligence in a statement confirmed that Banco Galicia has commenced support for Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Ripple (XRP). 

Crypto has over the years been recommended to hyperinflationary countries. According to data from Trading Economics, an economic data tracker, the inflation rate of Argentina was 55 percent as of April. The scarcity and decentralization nature of digital assets have made them a strong candidate for an inflationary hedge. 

Brazil nears creation of crypto regulatory framework

Recently, the mayor of Buenos Aires, Horacio Rodríguez Larreta in a presentation disclosed that he envisions a significant increase in the adoption of crypto and blockchain technology. In their quest to go all out to lead digitization in the region, the major stated that they plan to make blockchain the center of it.

All that information stream, which will widen in a geometrical progression, will be protected by blockchain technology […] We are going to become the pioneers of that technology adoption so the users could control their data on their own.

As part of the fight against inflation, Sorradino, a town in Argentina, has disclosed its plans to start mining operations after purchasing mining rigs. 

On April 26, Brazil approved its first Bitcoin law bill to set the stage for the creation of a regulatory framework to govern the crypto industry in the country. It was also stated that the country’s executive branch rule is in charge of formulating rules for crypto assets, or it can choose to delegate its power to the Central Bank of Brazil or the Securities and Exchange Commission.

According to Senate President Rodrigo Pacheco who also chaired the session, this is a very important bill.

 I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.

Also, a discussion on penalties for crypto crimes was held, and it was proposed that penalties must be proportionate to the amount of value affected.

About Author

John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics. My Email: (kojokumijohn@gmail.com)

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