In Argentina, cryptocurrency is not a legal currency, although it has been used as a regional standard in the cryptocurrency industry. To safeguard inflation and avoid restrictions on the export of foreign cash outside the country, Argentina quickly became an adopter of digital currencies.
The two largest private banks in Argentina, Banco Garlicia and digital bank Brubank, have debuted crypto trading on their internet banking platform.
Users of Banco Garlicia discovered a useful function on the bank’s website and verified with the institution, after which the bank confirmed that it was working on adding additional crypto trading options in support.
Banco Galicia, one of Argentina’s major banks, was founded in 1905, and it has over 4.2 million corporate and individual clients linked to its Linkedin profile. On the other hand, the digital Bank Brubank is entirely digital and was a licensed bank established in Argentina in 2017.
Argentina Banks’ websites provide a platform for purchasing cryptos
The bank’s website now allows consumers to buy Bitcoin, Ether, USD Coin, and Ripple. Banco Garlicia aims to expand its crypto trading options in the future.
Cryptocurrency trading is picking up rapidly around the world, and many countries are working with blockchain technology to create national digital currencies or decentralized payment methods that can allow consumers to avoid using banking institutions altogether.
Lirium COO Martin Kopacz said that Banco Garlicia allows its customers to buy and sell cryptocurrencies but not to withdraw or sell them. He went on to say that Banco Galicia will be introducing the service to all of its clients by mid-May.
Lirium is also working with four Argentinian banks on the development of their crypto trading platform and also similar integrations in Mexico and Brazil.
It remains to be seen whether other banks in Argentina will follow suit, but it is definitely a positive sign for the region’s cryptocurrency traders.
With the growing popularity of cryptocurrencies around the world, many major banks in Argentina have been exploring ways to allow their customers to trade and invest in cryptocurrencies.