Tuesday, October 4, 2022

Two Mega Banks in Argentina Integrate Crypto Trading

Two banks in Argentina, including the biggest private bank in the country, Banco Galicia have allowed for investments in crypto like Bitcoin (BTC), Ethereum (ETH), and other stablecoins. Following closely in this feat is another prominent bank in the same country, Brubank which has also integrated cryptocurrency trade as part of its financial services. According to tweets from both banks, the new development was preceded by several requests from the citizens of the South American nation, who have a deep interest in digital currency trading.

According to a report, the least investment in crypto to be made in the Banco Galicia by subscribers is ARS 100, which is equivalent to approximately $8.65. The invested crypto-assets cannot be withdrawn from the bank, users can neither transfer funds to another user nor pull out their stake in BTC holdings within the duration of the investment.

The Argentinian banking giant also partnered with a global service provider, Lirium, which manages the wallets of subscribers, hence, the monitoring and control of the digital assets of the financial services firm are not within the jurisdiction of the Argentinian government and financial regulators.

Buttressing this point, a document that includes the terms and conditions of trading in crypto in Banco Galicia reads thus, “your assets will be guarded abroad and are not covered by the regulations of the Central Bank of the Argentine Republic or the National Securities Commission of the Argentine Republic.”

Brubank, in its own embrace of crypto trading, said it will be accepting not only Bitcoin but also Ethereum, USD Coin (USDC), and DAI.

The Buenos Aires-based bank, which is fully digital said that the new development is yet to be in full operation as plans are still ongoing to ensure that users have a seamless experience on the banking platform. When the crypto program is fully launched on its platform, subscribers will be able to use it “by entering ‘Investments’ from the app.”

Argentines are Bullish on Crypto

In a report by CryptoMarketsBeat last month, the Government of Argentina announced that it is discouraging the use of crypto in the country and that it will introduce stringent measures of cutting down on the use of the digital assets, but in conformation with the requirement of a deal that it is sealing with IMF. 

Despite this, a report shows that 60% of the South American country’s citizens voted for the use of crypto, per polls inferred from a survey carried out by Banco Galicia.

The results of the survey spurred the decision of the megabank to introduce cryptocurrency trade on its platform.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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