As we know, the adoption of cryptocurrencies seems to be easier in countries where inflation is galloping. This is the case in Argentina, where Binance and Mastercard are launching their prepaid crypto card. A first for the region.
Binance and Mastercard team up to offer a card in Argentina
According to the company’s announcement, Argentina is indeed the first Latin American country where the Binance Card will be available. All Binance users with a national ID card will be able to access the service.
Cryptocurrencies are converted in real time at checkout, and customers can receive up to 8% cashback on certain purchases. Binance also confirms that there will be no transaction fees for ATM withdrawals.
Maximiliano Hinz, general manager of Binance Latin America, confirms that it is about creating new gateways to drive adoption:
“Payments are one of the first and most obvious use cases for crypto. But adoption can still grow significantly. By using Binance Card, merchants will continue to receive fiat currency, and users will pay in whatever cryptocurrency they want.”
Argentina goes crypto
As in other countries that are experiencing considerable inflation, Argentines have a particular interest in using alternative assets. And that interest extends to the highest levels. A year ago, President Alberto Fernández answering this when asked about a possible adoption of Bitcoin (BTC):
“I don’t want to get too far ahead of myself, […] but there is no reason to say “no”. Maybe this is a good way to go.”
Since last year, inflation has only accelerated in Argentina. The country closed out its 2021 year with a rate at 51%. And inflation could reach 77% by 2022. So monetary alternatives are a matter of financial survival for many Argentines.
