ARGENTINA CONSIDERING DIVERSIFYING RESERVES INTO BTC
I HAVE MY DOUBTS ABOUT IT HAPPENING HOWEVER THE BACKGROUND IS INFORMATIVE IN ITS OWN RIGHT
Taylor: The Biggest Solution is Bitcoin
So far, the efforts of Argentina’s Central Bank to stabilize the peso have been to no avail. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin,
The biggest solution is Bitcoin, or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.
The Central Bank has already eased regulations regarding ATMs in the country. This easing of regulations has facilitated the installation of ATMs processing cryptocurrencies.
On September 19, 2018, Athena Bitcoin installed the first ATM designed to exchange the cryptocurrency in a mall, auguring that these machines will soon mushroom in Buenos Aires.
Indeed, according to Matias Goldenhorn, Athena Bitcoin Director for Latin America, 12 ATMs will soon be installed in the capital city. These units will operate with Bitcoin as well as other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash.
On the other hand, a variety of merchants are already accepting Bitcoin as payment. Taylor also highlights that “8,000 new Bitcoin pay stations are in convenience stores in Argentina.”
For example, La Nación recently reported that a butcher shop in Cordoba city is now accepting Bitcoin. What solutions can Bitcoin provide to soften Argentina’s severe economic crisis? Let us know in the comments below.
Images courtesy of Pixabay, Infobae. Tags:Argentina, Athena, bitcoin acceptance, Bitcoin ATM, Crypto ATMs, D.H. Taylor, Ethereum, litecoin, Matias Goldenhorn
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