Alex Dovbnya
Argentina’s largest private bank, founded more than a century ago, now offers its customers access to cryptocurrency
Buenos Aires bank Banco Galicia, which was founded way back in 1905, now allows its customers to trade Bitcoin (BTC), Ethereum (ETH), XRP and the stablecoin USD Coin (USDC), according to a tweet beginning this one was posted on Monday.
It partnered with Lirium AG, a company that offers plug-and-play crypto solutions for banking institutions, to enable the new service.
Banco Galicia serves more than four million private and corporate customers. It has around 600 branches around the world.
Argentina has been one of the leading countries in terms of cryptocurrency adoption due to its high inflation. According to Deel, it has more employees paid in digital assets than any other country in the world. The number of companies allowing their employees to receive payments in crypto has increased by more than 340% in just one year, with small businesses being the main reason for the growing adoption.
Buenos Aires should also make it possible to pay taxes with cryptocurrencies.
Still, Miguel Pesce, head of Argentina’s central bank, said that cryptocurrencies are a concern. He argued that digital assets were being used to circumvent exchange controls.
Earlier this year, Argentina’s central bank reportedly started creating a group that will improve know-your-customer (KYC) rules for digital wallets.
Additionally, the recent $45 billion bailout deal with the International Monetary Fund (IMF) could pose a major hurdle to cryptocurrency adoption in Argentina as it will push the government to take an anti-crypto stance.
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