Binance and Mastercard have launched prepaid reward cards in Argentina to help people use crypto for everyday commodities in a country whose currency is suffering from one of the highest levels of inflation in the world.
The card allows users to buy things and pay bills with Bitcoin and other cryptocurrencies. according to Binance, the world’s largest cryptocurrency exchange, made the announcement on Thursday.
According to Binance’s announcement, the prepaid card converts cryptocurrencies held by users in the app into real-time fiat currency (US dollars or Argentinean pesos) at the point of sale. Users can also get rewarded with up to 8% crypto cashback.
#binance partner with @master Card Argentina launches new prepaid card, bringing crypto payments to the region 🇦🇷
Users can enjoy:
🔸 Purchases with virtual currency (#bitcoin, #BNB & more)
🔸 Up to 8% crypto cashback
🔸 Zero ATM withdrawal fees— Binance (@binance) August 4, 2022
“We believe the Binance Card is an important step in facilitating the widespread use and global adoption of cryptocurrencies and is now available to users in Argentina,” said Binance of Latin America. General Director Maximiliano Hintz said in a statement.
Argentina will be the first country in Latin America to have the card, currently in beta mode and will be widely available in the coming weeks. .
Cryptocurrencies Gaining Momentum in Argentina: Blockchain Analysis Firm Chainalysis Last Year Ranked Top 10 crypto adopter countries in the world.
Also, Bitcoin is not the only popular digital asset. Stablecoins (cryptocurrencies pegged to fiat currencies such as the US dollar) are also finding use cases.Just last week, Argentinian soccer team Banfield received $6 million in USDC, the second largest stablecoin by market capitalization, as a payment to the players of Brazilian club São Paulo.
Argentine government introduced new crypto-focused measures last month as peso loses value as it worries about capital flight: central bank Said Anyone who has purchased Bitcoin or other digital assets in pesos in the past 90 days will not be able to access the single free exchange market and purchase US dollars at the official rate.
Binance’s new debit card could help crypto traders get around these new avenues. Crypto traders in Argentina could theoretically use their Binance accounts to trade USDC or USDT stablecoins. You can access the equivalent of US dollars in cash and spend those funds on your card. No bank account or authority access required. exchange market.
Argentina is currently suffering from one of the worst inflation rates in the world, 64%. This makes everyday life difficult for Argentines. Spending can be complicated as most people use the US dollar and he has two exchange rates, the official rate and the black market rate. For some people, encryption may be a better choice.
Binance already has an encrypted Visa debit card. launch That was last year, allowing Binance users to convert their cryptocurrency holdings into fiat currency at the point of sale.
