Banco Galicia, Argentina’s largest private bank by market value, has started offering Bitcoin and cryptocurrency trading services on its platform, according to the company’s statement today. As Kriptokoin.com, we are transferring the details.
Private banks’ addition of Bitcoin and cryptocurrencies boosts adoption
Buenos Aires bank Banco Galicia, founded in 1905, said in a tweet published earlier Monday that its customers can buy Bitcoin (BTC), It allows trading Ethereum (ETH), XRP and USD Coin (USDC) stablecoins. In a statement, it was announced that Banco Galicia, the largest Argentina private bank by market capitalization, has added the option to buy and sell cryptocurrencies on its platform. It also announced that the bank has partnered with Lirium AG to enable trading with cryptocurrencies. Serving more than four million retail and corporate customers, Banco Galicia has approximately 600 branches worldwide.
Bitcoin and other cryptocurrencies adoption is on the rise, and private banks’ support for Bitcoin and cryptocurrencies is helping the adoption of digital assets around the world. Investors, who can access Bitcoin much more easily, can easily be convinced that the crypto market is not a fraud product, thanks to the bank guarantee. Increasing this adoption in the future may naturally increase the market value and price of Bitcoin.
Interest in cryptocurrencies is growing in Argentina.
Argentina has been one of the top countries in terms of cryptocurrency adoption due to its high inflation. According to the data released, Argentina is the largest country in the world in terms of the number of employees receiving payments with cryptocurrencies. The number of firms in the country that allow their employees to receive payments in cryptocurrencies has increased by more than 340 percent in just one year, with small businesses being the main driver of increased adoption.
Buenos Aires is also expected to make it possible to pay taxes with cryptocurrencies. Still, Argentina’s central bank chief Miguel Pesce said that Bitcoin and other cryptocurrencies are worrisome. Miguel Pesce argued that cryptocurrencies are used to circumvent exchange controls. Earlier this year, it was reported that Argentina’s central bank started working on creating a group that would develop know-your-customer (KYC) rules for digital wallets. Moreover, the recent $45 billion bailout deal with the International Monetary Fund (IMF) could pose a major hurdle to cryptocurrency adoption in Argentina as it will make the government adopt an anti-crypto stance.
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