Exchange service supports Argentina's USD black market
The difference in the official and unofficial rate for Argentinian pesos is now so pronounced that at least one bitcoin exchange has acknowledged it. Localbitcoins.com has decided to publish a 'blue dollar' exchange rate for the currency. The escrow-based decentralised bitcoin exchange service has produced a symbol for the blue dollar rate called XAR, and is using it to calculate bitcoin exchange rates. The black market rate in Argentina is a result of rocketing inflation, and tension over a possible default. This has led Argentinians to hoard dollars, while the authorities have imposed....
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Can bitcoin conquer Argentina? It's a question that is being given increasing validity by major media outlets like The New York Times and The Economist, and it's easy to see why. Numerical and anecdotal evidence suggest that if bitcoin will prove popular as a currency anywhere, it should in Argentina. According to the Bitcoin Market Potential Index (BMPI), which ranks bitcoin's potential utility across 177 countries, Argentina is the most likely country to adopt the digital currency. It's economy is one of the most problematic globally, boasting annual inflation of approximately 35%. In....
James Downer is a student of International Relations and Computer science, and is interested in the collision between the two. Here, he discusses bitcoin's growing role in Argentina and the nation's thriving black market for dollars. The US dollar black market doesn't just thrive in Buenos Aires, it's published in the paper every morning. Swinging by one of the city's newsstands, you'll find the official peso to dollar rates published next to the 'dólar blue' rates at the top of the morning edition of La Nación, and if you walk downtown to Calle Florida, the arbolitos (street traders of....
The use of bitcoin has more than doubled in the past year in Argentina as government controls have delivered economic stagnation and double-digit inflation, according to the London, U. K. -based Financial Times. The government has restricted access to foreign currency and created an overvalued currency exchange rate. One small business owner, the owner of a budget hostel in Buenos Aires, has found bitcoin helpful in the face of the country's overvalued currency exchange rate. She takes credit card payments from foreign tourists in return for bitcoin. She can then sell bitcoins on....
Recently, Argentina-based payment operator enBitcoins expanded its services to Colombia. The company’s CEO and founder, Marcelo Guillen told CoinTelegraph they are offering the benefits of Bitcoin utility payments to local residents. Five days ago they posted a small announcement about the launch of their Colombian office at Tarringa. enBitcoins was the first Bitcoin bills payment service in Argentina. They allow users to pay bills via the Internet without the need to go out of your home. They charge a 2% fee for their services. enBitcoins doesn’t require any government papers to use their....
Bitso, a Mexico-based, Latam-focused cryptocurrency exchange, has launched an initiative that aims to allow Argentines to use crypto for their everyday purchases. The exchange is introducing QR payments directly in its app, which will be interoperable with other platforms already using this method of payment in Argentina.
Bitso Seeking to Drive Crypto Payments in Argentina
Bitso, one of the biggest exchanges in Latam, with more than 5 million customers, is extending its focus on payments in Argentina. The exchange has launched one of the first interoperable QR payment systems of....