• Banco Galicia and Brubank banks, Argentina, to allow users to trade using cryptocurrencies
• Crypto adoption in Argentina to help netizens cope with hyperinflation rates
•  More moves for crypto adoption in Argentina

Banco Galicia and Brubank, the two largest banks in Argentina, announced that their users will be able to purchase crypto-assets like Bitcoin through their bank accounts.

This action was spurred by the respondents to a pull that Argentina pulled through on Monday. 60% of the respondents requested access to cryptocurrencies and the two banks acted in response to their request.

This move aims to help citizens cope with the high inflation rates experienced in the country. The rate of inflation in Argentina was at 55% in April 2022.

On Tuesday the 26th of April 2022, Ignacio Carballo, an affiliate at America’s market intelligence, shared screenshots that showed Banco Galicia’s online interface had already begun accepting purchases of various cryptocurrencies such as Ether, Ripple, Bitcoin, and USD coin.

The Banco Galicia bank will work with a crypto infrastructure company, Lirium, which helps banks and crypto wallets to sell, buy and receive crypto assets. 

A report from Statista data and survey firm showed that by 2021, approximately 21% of Argentina citizens possessed or had already traded using cryptocurrencies. This record positions Argentina in the top ten countries with the highest rate of crypto adoption in the world.

More Positive Crypto Moves

Sorradino, a town in Argentina had purchased a mining rig last month and had announced plans to open a mining firm.

This is to encourage more Bitcoin earnings in conjunction with hyperinflation rates in Argentina. Mining of crypto had already proved to earn the state some good dollars in a month.

Horacio Rodriguez Larreta, Mayor of Buenos Aires, which is Argentina’s capital city, had announced that the public financial services will be paid through cryptocurrency and not only through fiat currency.

There are plans to enable citizens to own a digital identification (DID) which will be based on blockchain.

Other Countries in the Region Adopting Cryptocurrency

Argentina’s crypto adoption comes prior to El Salvador’s adoption of Bitcoin and more regions are following El Salvador’s lead.

Brazil, from the same region as Argentina, in South America, had its senate approve a bill on Bitcoin. This happened on 26th April.

The bill will aid in implementing a regulatory framework for the local industries that indulge in cryptocurrencies.