Binance and Mastercard have launched a prepaid rewards card in Argentina to help people top up crypto on everyday goods in a country where the local currency suffers from one of the highest levels of inflation in the world .
The card will allow users to buy things and pay bills with Bitcoin and other cryptocurrencies, according to a Thursday announcement from Binance, the world’s largest crypto exchange by volume.
Binance’s announcement added that the prepaid card converts crypto users hold on its app into fiat currency (US dollars or Argentine pesos) in real time at the point of sale. Users could also get crypto cashback rewards up to 8%.
#binance teams up with @MasterCard to launch a new prepaid card in Argentina, bringing crypto payments to the region 🇦🇷
Users can enjoy: 🔸 Make crypto purchases (#BTC, #BNB & more) 🔸 Up to 8% in crypto cashback 🔸 Zero fees on ATM withdrawals
“We believe the Binance Card is an important step to encourage broader crypto use and global adoption and it is now available for users in Argentina,” said Binance Latin America General Manager Maximiliano Hinz. , in the ad.
Argentina will be the first country in Latin America to have the map, which is currently in beta mode and will be widely available in the coming weeks. The announcement added that users will also not be charged for ATM withdrawals.
Crypto Gains Ground in Argentina: Blockchain Analytics Firm Chainalysis Last Year class the country among the top 10 crypto users in the world.
And Bitcoin isn’t the only popular digital asset. Stablecoins — cryptocurrencies associated with fiat currencies, like the US dollar — are also finding a use case. Just last week, the Argentine football team Banfield received $6 million in USDC, the second-largest stablecoin by market cap, as payment for a player from Brazilian club Sao Paulo.
Argentinian government worries about capital flight as peso loses value as last month introduced new measures enabled on crypto: central bank one says that those who bought Bitcoin or any other digital asset in the last 90 days with pesos would not be able to access the single free exchange market and buy US dollars at the official rate.
Binance’s new debit card may well help crypto traders get through these new measures. A crypto trader in Argentina could, theoretically, use their Binance account to access US dollar equivalents in the form of USDC or USDT stablecoins and spend those funds with the card, all without the need for a bank account or credit card. an access to the official account. Change market.
Argentina currently suffers from one of the worst inflation rates in the world, currently at 64%. This makes daily life difficult for Argentines; spending can get complicated as most people use US dollars and there are two exchange rates: an official and a black market. Crypto may be a better bet for some.
Binance already has a crypto Visa debit card: it spear last year and it allows Binance users to convert their cryptocurrency holdings to fiat at the point of sale.
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