Argentina's Business Embraces Bitcoin and USDT Payments
Date: 2023-11-15 Author: Dima Zakharov Categories: BUSINESS, IN WORLD
A Cryptocurrency Revolution in Argentina
In a significant development, the CEO of Tether, Paolo Ardoino, has announced widespread adoption of Bitcoin and USDT for payments in Argentina. This shift is reshaping the way local businesses conduct transactions, providing an alternative to traditional currencies.
Buenos Aires Leads the Way in Crypto Payments
In Buenos Aires, both residents and tourists can now use Bitcoin, USDT, dollars, and pesos to purchase goods, with even staple items like dairy products available for purchase using the USDT stablecoin at the Central Market. This collaboration between Tether and the KriptonMarket platform has facilitated this milestone, offering a seamless integration of cryptocurrency into everyday transactions.
Partnership to Cut Costs and Ensure Stability
According to the Buenos Aires city administration, the Central Market, supplying over 12 million people monthly, has partnered with Tether to reduce intermediary costs. This move allows users to make payments pegged to the US dollar, providing a more stable financial option amid market fluctuations.
Cryptocurrency Thrives Amid Economic Challenges
Cryptocurrency adoption in Argentina is thriving, driven by hyperinflation and the devaluation of the national peso. With the inflation rate reaching a staggering 108.8% annually in April, the Central Bank of Argentina raised the base interest rate to 97% on May 15. However, the stringent monetary policy appears insufficient to curb rising prices, prompting businesses to seek alternative financial solutions.
