Argentina is the second largest country in South America, and after constantly being in the grip of the financial crisis has now turned to bitcoins (BTC) hoping to have an answer to their problems.
There are currently 37 cities in Argentina that are supporting the initiative carried out by Alto Viaje and Bitex. The Sistema Unico belcto electronico- SUBE, a travel card, promoted by the Argentine Secretary of Transportation can now be topped up by bitcoins. According to a local news outlet Cripto247, it can be topped at every station that supports the initiative, any kiosks that have computerized terminals and national lottery outlet. The Alto Viaje website states that
“SUBE is the only card that allows you to pay for public transport throughout Argentina.”
The collaboration between Alto Viaje and Bitex is with the key objective to make the card loading process as accessible as possible. Alto viaje a travel card loading platform is in charge of managing the platform by making it as convenient and commodious as possible, whereas, Bitex a fintech company is in charge of converting the BTC to fiat balance that can be registered by Alto Viaje almost instantly. This is done by offering payment facilities, such as API integration, which is needed by the organisations to accept BTC payments from clients.
Alto viaje a travel card loading platform is in charge of managing the platform by making it as convenient and commodious as possible, whereas, Bitex a fintech company is in charge of converting the BTC to fiat balance that can be registered by Alto Viaje almost instantly. This is done by offering payment facilities, such as API integration, which is needed by the organisations to accept BTC payments from clients.
According to the CMO of Bitex, Manuel Beaudroit, although the adoption of Bitcoins as a globally used currency is slow and time-consuming, this project substantially sets an example for the rest of the world to understand the Bitcoins’ potential to turn into a globally accepted currency. He further states this project
“Brings technology as disruptive as bitcoins to the common people, demonstrating the true value and applications it has in everyday life”
This is again strengthened by the director of Alto Viaje, Luciano Verardo,
“Bitex allows us to integrate the payments with bitcoins and new possibilities of financial inculsion of people and companies.”
He believes that the acceptance of bitcoins as payment would boost the number of users significantly and also help expand the diameter of services provided by them.
Currently the cities providing the services along with the capital city Buenos Aires is also available in cities such as Catamonca, Cipolletti, Comodoro Rivadavia, Corrientes, Formosa, General Pico, Jujuy, Necochea, Partido de la Costa, Pergamino, Pinamar, Rafaela, Rawson, Resistancia, Rio Gallegos, Rio Grande, San Carlos de Barrioche, San Juan, San Luis, San Matin de Los Andes, Santa Fe de la Vera Cruz, Santh Rosa, Trelew, Ushuaia, Venado Tuerto, Viedma y, Villa Allende and a few others of the like.
The minimum funding amount in Bitcoins is 50 Argentine Pesos that is equivalent to ~$1.32
Due to the significant increase in peer-to-peer crypto asset exchanges such as Localbitcoins, many BTC Automated Machines (ATMs) have been installed all over Argentina. Last December about 8 new digital currency ATMs was installed throughout various parts of Argentina by a crypto firm called Athena Bitcoins.
Argentina has always been in the grips of the financial crisis, due to which all the citizens of Argentina have now lost trust and confidence in the financial structures due to constantly high inflation rates. Crypto assets have now become a medium of exchange (MoE) which only broadens the investment portfolio. Franco Amati, the co-founder of Bitcoin Argentina stated
“Traditional banking is still difficult and it is faster and cheaper to do a bitcoin transaction- even with the higher fees that the bitcoin users are experiencing lately.”