Bank GaliciaArgentina’s largest private bank by market share, recently announced that it will allow its clients to invest in bitcoin and other cryptocurrencies.
Adding trading options to the Banco app Galicia
The functionality has been added to the investment section of the banking app. This feature allows users to purchase Bitcoin, Ethereum, USDC and XRP. Bank Galicia also said that other cryptocurrency options may be added in the future. The initiative is a step towards bringing crypto to the masses and closing the gap between users and crypto services.
To achieve this functionality, Bank Galicia has partnered with Lirium. Lirium is a Liechtenstein-based cryptocurrency and digital wallet service provider.
Lirium Operations ManagerMartin Kopacz stated that : ” Bank of Galicia offers its users the ability to buy and sell cryptocurrencies, but does not allow them to withdraw or send cryptocurrencies, adding that the bank also offers protection features.Kopacz noted that Banco Galicia plans to roll out the service to all customers by mid-May.»
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Argentina and cryptocurrency
Argentina seems to be quite open to cryptocurrencies and their underlying technologies. One of the reasons for the popularity of cryptocurrencies in Argentina is that the country has one of the highest inflation rates in the world – according to the country’s central bank, inflation is currently above 50% from one year to the next.
Recently, Buenos Aires announced its decision to allow citizens to pay taxes in cryptocurrencies.
Diego FernandezMinister of Digital Transformation and Innovation, said: “The Argentine government is a huge enabler of the ecosystem crypto. It is probably the one that promotes it the most in the world with the creation of stocks, taxes, fees and forms. It catches you and people are looking for a way out. »
In addition, the Argentine government has also taken small steps to launch his own CBDC. The CBDC is called a digital peso. These changes will surely put Argentina at the forefront of crypto adoption.
Read: Russia seeks to allow traditional exchanges to trade digital assets.