Argentina first with a crypto card

When we talk about cryptocurrencies, the first thing that comes to mind is the possibility of making payments with them. And there is still a lot of work to be done in this regard. Adoption is still going on and it looks like more and more players are joining it.

Last month, Binance announced that, in partnership with Mastercard, it is launching a prepaid payment card in Argentina. The card must be topped up with Bitcoin (BTC) or Binance Coin (BNB). With this card you will be able to pay for purchases, pay bills, make free ATM withdrawals in FIAT and use it wherever Mastercard cards are accepted. Cardholders in Argentina will also be able to get 8% return in cryptocurrency by making purchases in selected places. The technology will convert the cryptocurrency into the FIAT currency in real time. This way you can avoid confusion with trademark changes.

Argentine citizens will only need a valid ID to obtain such a card. Argentina is the first country in the region to have access to prepaid cards. This is the next step to expanding your cryptocurrency adoption. As Binance Latin America CEO Maximiliano Hinz explained, “We believe the Binance Card is a significant step in encouraging greater use of cryptocurrencies and global adoption.”

Even the recent slowdowns in the market did not affect the Argentinean interest in cryptocurrencies. The Mastercard report shows that already 51% of the population in Latin countries uses cryptocurrencies for payments. It turns out that in Argentina cryptocurrencies have already penetrated into circulation in about 12% and 74% of the population favor companies that accept payments in this way. Blockchain related companies see Latin America as a great place to test cryptocurrency products. This is due to the lack of access to banking, as well as the lack of infrastructure and economic stability. The Binance exchange is ready to build the infrastructure to ensure smooth cryptocurrency adoption.