Cryptocurrencies in Argentina is already common. Residents of the Argentine Republic in South America after the experienced economic crisis began to actively use crypto. First, to bypass external sanctions, then, to make the country one of the world leaders in the crypto-industry.
Our editorial board has prepared an interesting material about how cryptocurrencies are developing in Argentina and what can be bought for Bitcoin in “Tierra del Fuego”.
In 2017, the state authorities of the Argentine Republic legalized cryptocurrencies. Today, digital coins in the country are equivalent to fiat money. In accordance with local law, cryptocurrency is not a national currency, but can be considered as cash. According to Argentine law, cryptocurrencies can also act as a valuable commodity or thing (within the framework of the Civil Code).
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Argentina's cryptocurrencies are governed by the Argentine Civil and Commercial Code (Código Civil y Comercial de la Nación) and the country's National Constitution.
Crypto, football and politics – Mauricio Macri
The most popular Bitcoin-enthusiast in the country is Mauricio Macri, who has been president of Argentina since 2015. It was he who positively influenced the development of crypto in the country. In his “pre-presidential” past, Macri was a member of the Lower Chamber of the Argentine Parliament, the mayor of Buenos Aires, and the president of the Boca Juniors football club (1995–2007). Interesting, but it was Boca Juniors that became one of the first football teams that sold tickets for crypto. Previously, Makri was also one of the leaders of the “Changes” Bitcoin-movement, and sponsored the first Bitcoin forum in Buenos Aires.
Cryptocurrency ATMs from the Odyssey Group
After the legalization of cryptocurrencies by the Argentine Central Bank, the Odyssey Group local bank has released about 4,000 Bitcoin-ATMs, which still operate in the country today. In October 2017, the Odyssey Group installed the first 250 crypto-ATMs. By the way, the cost of one such ATM is up to 9 thousand US dollars. Externally, the ATM is similar to a normal terminal, the functionality is the translation of crypto, the exchange of cryptocurrency for fiat. In addition to digital gold, ATMs also support the work with Lightcoins and Ethereum.
In public transport with Bitcoin
From February 2019 in Argentina you can pay the fare in Bitcoin. This was made possible through the cooperation of the Alto Viaje local service provider with a Bitex startup. Now SUBE travel cards can be replenished with cryptocurrencies in 37 cities of the Argentine Republic. It is important that this is the first country where you can pay for the trip in crypto.
Argentina and Binance – investing in startups
As you know, Argentina has a positive attitude towards all cryptocurrency projects. For example, in 2019, the local government agreed to invest in blockchain-projects supported by Binance Labs and the American LatamEx stock-exchange. By the way, the Latin American Binance Center is located in Argentina, and Changpen Zhao himself (CEO of the exchange) calls Buenos Aires “the home of cryptocurrency”.
Pesticides for Bitcoin – the world's first batch of goods for crypto
At the beginning of 2019, Argentina shipped a batch of pesticides and fumigators for Bitcoins to Paraguay. Both countries have a positive attitude to the use of crypto, and therefore they quickly agreed on a method of payment for the goods. Today, this is the first and only sale of a batch of goods for cryptocurrency. At the same time, the “path” of the goods was also tracked on the blockchain platform.
“Bitcoin Day” festival
For two years in a row, in 2017 and in 2018, the traditional Bitcoin Day festival has been held in Buenos Aires. The first time the festival was organized on the basis of the blockchain conference, and in 2018 by crypto-enthusiasts. Last year’s Bitcoin Day brought together more than 500 local people who gathered to discuss the future of cryptocurrency in Argentina.
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Bottom line: at the moment in Argentina you can easily live for cryptocurrency assets. The main advantage of the country is that Bitcoins can always be exchanged for dollars. Convenient ATMs are found in almost every large shopping center. If you are the owner of a good Bitcoin state, you can safely go on crypto-shopping in the heart of “Tierra del Fuego” and Latin America – Argentina!
Editor: Alyona Nabok