“One of the features that makes Bitso Transfer stand out within the crypto industry is that transactions will be completed commission-free and instantly, so they’ll have immediate liquidity in the country’s local currency,” assures the startup.
Ten different crypto currencies will operate through this new feature including Bitcoin, Ethereum, and Litecoin. Likewise transactions will be possible via QR code on your smartphone or on Bitso’s website.
Argentina is Bitso’s bet
Bitso began operations in Argentina in February of this year. But recent commentary from Miguel Kudry, the startup’s Director of Financial Services, suggests there’s definitely more room to grow.
“We’ve always had a global vision and we’re excited about the opportunity,” mused Kudry. “Argentina can become an important regional player.”
For the startup, as users are pushed to embrace digital solutions courtesy of Covid-19, they’re further drawn Bitso’s way.
“The door towards greater financial inclusion is being opened. Businesses and people with no access to traditional financial services are included through cryptos. Interesting times are upon us,” said the Executive.
While it is difficult to predict the future… there may be some truth to Kudry’s words. Covid-19 is expanding our tech horizons and undoubtedly the cryptocurrency trade will be disrupted. We just have to wait and see just how.
A time for crypto regulations?
One of the most immediate challenges startups pioneering with cryptocurrency-related products face are regulatory obstacles. In Argentina, like in many places, the use of digital assets is in a regulatory limbo. While the government doesn’t straight up acknowledge cryptos as a form of currency… it doesn’t outright forbid it either.
- Related article: Crypto regulations in Colombia are put on the back burner
At the most, Argentine authorities, through the Financial Information Unit (UIF), want to tighten oversight of cryptos to prevent terrorist financing and money laundering.
Beyond these constraints, if cryptos are further adopted because of Covid-19… who knows? Perhaps public pressure on regulators will finally lead to some legislative framework for digital assets.
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