LatAm’s Crypto Boom: Argentina. Spanish Version | by Nicolle Senseve | @blockchain | Jun, 2022

Spanish Version

Next on our tour through Latin America: Argentina.

Internationally recognized for its diverse geography, travel and tourism make up a considerable amount to Argentina’s national economy.

The arrival of cryptocurrency has offered an option for financial freedom and a safeguard against market volatility as the region faces structural inflation. It’s estimated around 17% of Argentine citizens use cryptocurrencies.

In this series segment, we visit shops that have adopted cryptocurrency as a means of payment and tour the city of Buenos Aires in search of new cryptocurrency ATMs.

A safe haven of value

Local clothing brand RENEÉ was one of the first brands in Buenos Aires to accept cryptocurrency as a form of payment.

With the slogan “In bitcoin we trust,” the brand encourages its community to join the crypto trend and try out this new payment method.

RENEÉ social network and payment system. Credit: Instagram

The rise of cryptocurrency ATMs

The first cryptocurrency ATM was installed inside a Walmart supermarket located in Villa Pueyrredón, Buenos Aires. The network had since quickly expanded with twelve crypto ATMs located across Buenos Aires, Santa Fe, Córdoba, and Mendoza, Argentina.

Bitcoin ATM in the Paseo la Plaza car park — Av. Corrientes 1660, City of Buenos Aires
Credit: Laura Foti

New ways of enjoying sport

As the excitement around NFTs grows, local sports stars are capitalizing on the technology’s potential. For example, Argentine footballer Leo Messi now has a collection of NFT fan tokens.

“These NFTs are rare pieces of digital art that will exist forever on the blockchain and they will allow you to enter the #Messiverse,” Messi posted on his Instagram account in early August.

Leo Messi’s post on his official Instagram

Local heroes, such as Messi, using their platform to amplify NFT use cases have promoted excitement, growth, and trust around this new and emerging technology.

What’s next for Argentina and cryptocurrency?

The use of cryptocurrency in Argentina is still in its early days but is growing at an unprecedented rate.

What’s certain is that the economic crisis in Argentina has been a catalyst for change and new technologies, such as cryptocurrency, are leading the way.

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