Argentina’s two major banks, Banco Galicia and Brybank, have revealed plans to enable their clients to acquire cryptocurrencies. Such an endorsement could be a major turning point for cryptocurrency adoption in Argentina.
Argentina is one of the top countries in the world in terms of cryptocurrency adoption. Latin America has seen an increase in cryptocurrency usage, and with growing prices, individuals have been more inclined to support cryptocurrencies.
According to a recent Bloomberg report, 60% of respondents to an Argentine poll were looking for a better method to obtain cryptocurrencies. Such access might be offered if banks were more willing to enable their clients to use cryptocurrency trading platforms.
On Tuesday, Ignacio Carballo, an associate at the American Market Intelligence research organisation, tweeted images of Banco Galicia’s online interface, indicating that this change was on the way. According to the details, the bank will begin supporting a broad variety of cryptocurrencies, including Bitcoin, Ethereum, USD Coin, and Ripple.
Argentina presently has the sixth-highest level of cryptocurrency usage in the world. According to Statista, by 2021, 21% of Argentina’s residents would have used or owned cryptocurrency.
The recent move by Argentina’s two major banks may increase adoption since it would enable Argentinians to easily access their accounts when they wish to purchase Bitcoin. Given the high amount of inflation, consumers may be able to purchase more Bitcoin now as it is much simpler to do so.
