With the growing demand for cryptocurrencies among South American investors, the two largest private banks in Argentina, Galicia Bank Y brubank, have announced that they will allow customers to buy Bitcoin and three other assets through their bank accounts. The decision comes on the heels of a recent survey by Bloomberg that revealed an increase in demand for crypto among Argentines. According to Bloomberg, 60% of those surveyed in Argentina admitted that they want more access to cryptocurrencies.
The high interest in cryptocurrencies among Argentines is not a secret, as Statista has revealed that 21 percent of the country’s population had used or owned cryptocurrencies as of 2021. Additionally, the country has the sixth highest cryptocurrency adoption rate in the world. Ignacio Carballo, an affiliate of the market research firm Americas Market Intelligence, confirmed in a statement that Banco Galicia has begun to provide support for Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC) Y XRP.
Crypto has been recommended over the years to hyperinflationary countries. According to data from Trading Economics, an economic data tracker, Argentina’s inflation rate was 55% as of April. The scarcity and decentralized nature of digital assets has made them a strong candidate for an inflation hedge.
Brazil moves closer to creating a regulatory framework for cryptocurrencies
Recently, the mayor of Buenos Aires, Horacio Rodriguez Larreta, in a presentation revealed that he foresees a significant increase in the adoption of crypto and blockchain technology. Seeking him to do his best to lead digitization in the region, the mayor stated that they plan to make blockchain the center of it.
All this flow of information, which will expand in a geometric progression, will be protected by blockchain technology. […] We are going to become the pioneers in the adoption of this technology so that users can control their data for themselves.
As part of the fight against inflation, Sorradino, a town in Argentina, has revealed its plans to start mining operations after buying mining platforms.
April 26, Brazil passed its first Bitcoin bill to set the stage for the creation of a regulatory framework governing the crypto industry in the country. It was also noted that the country’s executive branch ruler is in charge of formulating rules for crypto assets, or may choose to delegate its power to the Central Bank of Brazil or the Securities and Exchange Commission.
According to the president of the Senate, Rodrigo Pacheco, who also presided over 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 session of the Senate, of this important bill.
Likewise, a discussion was held on the sanctions for cryptographic crimes and it was proposed that the sanctions should be proportional to the amount of the value affected.