Thursday, December 2

Cars, real estate, jewelry and more: what can be bought with cryptocurrencies in Argentina

According to the index -which weights the received value of cryptocurrencies, their retail trade and volume of exchange between “pairs” in each country based on Internet users and purchasing power per capita of each country- Argentina shares the top 10 countries together to the United States, Vietnam and other neighbors in the region such as Venezuela and Colombia.

Even so, the link between cryptocurrencies and their use to carry out transactions in everyday life, such as the purchase of goods or services of different kinds, is still in an early stage.

Cryptocurrency operations are fundamentally reserved for people who choose to invest their money in crypto whose price is governed by supply and demand -Bitcoin and Ether, the best known cases- or by “stablecoins” -which follow the value of assets such as the dollar, the euro or gold.

However, little by little companies and businesses that accept cryptocurrencies as a form of payment begin to appear.

One of these use cases is the purchase of vehicles, an option that some dealers began to offer such as Espasa, the main Volkswagen dealer in Argentina, which days ago closed an agreement with the local exchange Buenbit to offer this payment option in its five branches located in the City of Buenos Aires.

The company will start accepting stablecoins USDT and DAI to pay for the purchase of a 0km, subscriptions to savings plans, the purchase of spare parts, accessories and official maintenance services.

“We seek to continue to grow crypto adoption in everyday transactions. It is one more way to facilitate the apparent complexity that is often imagined about cryptocurrencies, and a way to show ordinary people that cryptocurrencies are an intuitive and very powerful tool for those of us who are used to struggling in complex economic contexts, “said Federico Ogue, CEO and co-founder of Buenbit.

For his part, the CEO of Espasa, Claudio Baum, assured that the objective of this alliance is to “give payment options to our clients so that we simplify the management of their personal finances without incurring unnecessary commissions or expenses at the time to purchase Volkswagen products and services. “

“Once the conditions have been agreed, the client will be given an address to which they must send the amount of cryptocurrencies necessary to complete the operation,” said Baum.

Another of the cryptocurrency use cases is the purchase of real estate, historically dollarized operations in Argentina, which now began to be carried out through Bitcoin.

One of the platforms that offers this type of transaction is Mercado Libre, which, on its website, promotes options for the purchase of houses and apartments for “less than 1.5 BTC” to “more than 2 BTC” among some 25 real estate agencies. who work across the country.

“You choose one of the properties currently published in dollars (US $), you contact the real estate company -they already accept cryptocurrencies-, you inform that you are going to make the transaction in Bitcoins and the conversion is made the day of the operation,” explains Mercado Free on your page about how is the mechanism to do these operations.

In the rural sector, the first transaction of cryptosoja (SOYA) and crypto-corn (CORA) – crypto-assets backed in grains to save and transact in Argentina – and the recognition of royalties through Agrotoken, a global platform for the tokenization of agricultural commodities through blockchain technology, the company reported.

The same case for the jewelry business, which already has stores on Libertad Street in the city of Buenos Aires and others in the business in the provinces of Córdoba or La Pampa have carried out transactions with cryptocurrencies.

However, the possibilities of exchange do not end there: technology articles and video game consoles, cell phones and even private tutoring services are other areas that are also being added.

In that sense, the portal is one of the spaces that offers to contact buyers and sellers who accept cryptocurrencies as a form of payment from all over the country and that has almost 100 businesses that currently offer all kinds of articles and services.

The next step to popularize the use will be the possibility of paying with a debit card in merchants convertible operations through crypto, an option that the Argentine fintech Lemon is about to launch in November and for which it already has almost 100,000 users of your platform on the waiting list.

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