In Argentina, there are two banks that allow customers to buy cryptocurrencies with their credit cards. The acquisition of Bitcoin, Ether, and USDC is made possible by Galicia and Brubank. The survey conducted by Banco Galicia also revealed that 60% of respondents were interested in cryptocurrencies.
It has been proven that the Argentines are huge fans of crypto assets. In order to take advantage of the new technology, two regulated banks hope to be among the first to utilize it.
The Adoption is Still Growing
Starting Monday, Banco Galicia, the country’s largest private bank by market value, as well as the digital bank Brubank SAU, will be enabling their clients to purchase cryptos such as Bitcoin, Ether and USDC. As a result of high customer demand, Banco Galicia took the decision to offer crypto through their bank, with 65% of the respondents in a survey requesting the capability. Prior to this, Argentina’sArgentina’s citizens were only able to buy cryptos through wallets or directly from holders.
Ariel Sanchez, manager of investment products, and Nicolas de Giovanni, senior product manager at Banco Galicia, said in a statement:
“This motivated us to push this project. The youth is the group that asks for this the most.”
Of the top 10 countries with the highest adoption of cryptocurrency in the world, Argentina is one of the top 10. In the face of recurring currency crises and inflation rates that run in excess of 50% per year in Argentina, two-thirds of Argentines who invest in crypto say they do so to protect their savings from shrinking purchasing power.
According to the press office for Brubank, which also confirmed the launch of the project, the adoption of crypto by regulated banks is seen spreading from Argentina to the rest of the region.
Both banks plan to offer cryptos through the same platform that clients use to buy bonds and stocks, in addition to a partnership with the Argentine crypto wallet Lirium through which cryptos can be bought. This feature is initially only available to Banco Galicia customers who receive their salary as a direct deposit into their bank account.
In many countries, the adoption of cryptocurrencies is growing. But there are still many countries that create challenges for this adoption by applying old regulations to an innovative concept like crypto. But after all, there are always pioneers in every sector that make the rest follow and grow.
The adoption of cryptocurrencies in traditional and modern banks is growing every day. It shows many signs of growth in the financial sector. Besides, these initiatives result in more financial institutions adding cryptocurrencies to their portfolio. Ultimately, more mainstream users find access to cryptocurrencies helping the ecosystem grow faster.