The bank will specifically offer its clients to buy and sell bitcoin (BTC), ethereum (ETH), XRP and USDC.
The bank will be partnering with Lirium, a startup that only last year received permission from the Liechtenstein Financial Market Authority to provide its services to banks around the world, for this service.
Proud to announce that Lirium received approval from the Financial Market Authority of Liechtenstein to provide crypto services to banks around the globe that want to add crypto to their product offerings!https://t.co/ErWb7qNSJb
— Federico Murrone (@fedemurrone) July 2, 2021
Argentina is thus slowly joining other South American countries in showing a positive attitude towards cryptocurrencies. Though it’s not as big a step as El Salvador, which has already made bitcoin legal tender. However, Argentina’s long-term cryptocurrency direction is moving.
Crypto against Inflation?
Around the world, we’re gradually noticing that countries that are experiencing problems with their state currency and struggling with high inflation are more supportive of cryptocurrencies. In Argentina, inflation is around 50%, which is so scary that the government simply has to do something about it. Cryptocurrencies are proving to be an option to help themselves in this situation.
Read also: Bitcoin: Days before a significant move?
In January, Strike came to the country and has already brought bitcoin payment infrastructure to the country. You may know this company from this year’s Bitcoin Conference in Miami 2022, where CEO Jack Mallers just introduced a collaboration for the large-scale adoption of cryptocurrencies in US businesses.
Jack Mallers commented on this entry into the Argentine market on his Twitter account as follows:
🇦🇷 Welcome, Argentina! 🇦🇷
Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers
— Jack Mallers (@jackmallers) January 11, 2022
It remains to be seen what effect the presence of cryptocurrencies will have on Argentina’s economy, but more and more signs are showing us that this country could eventually adopt Bitcoin as its legal tender.