Argentina’s largest and second-largest private banks, Banco Galicia and Brubank, have announced that they will allow customers to make crypto purchases.
Bloomberg reported on Monday that a resounding 60% of respondents to an Argentinian poll asked for more access to crypto, which catalyzed the banks’ decisions to begin allowing crypto trading.
Affiliate at market research firm Americas Market Intelligence, Ignacio Carballo, tweeted confirmation on Tuesday with screenshots of Banco Galicia’s online interface that it had begun supporting Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and Ripple (XRP) purchases.
The South American nation has the sixth-highest crypto adoption rate in the world. Data and survey firm Statista estimates that 21% of Argentines had used or owned crypto by 2021.
Allowing customers to purchase Bitcoin and other crypto through their bank could help Argentines stay ahead of the crushing inflation in the country. The latest data from economic data tracker Trading Economics says Argentina’s inflation rate in April was 55%. Proponents say Bitcoin’s scarcity and decentralization make it the ideal inflation hedge.
Read more: cointelegraph.com