As part of the second day of the Latam Online 2020 blockchain summit, a panel was held in which several speakers from Argentina participated to talk about the current crypto in this country.
The panelists were: Nora Palladino, Marketing Manager for Bitso’s product launch; Víctor Castillejo, lawyer with AJ Law Advogados, and Matías Bari, founder and CEO of SatoshiTango. The moderation was chaired by Rodolfo Andragnes, President of the NGO Bitcoin Argentina.
Matías Bari from SatoshiTango first told a little story of the crypto market in Argentina. “”Argentina has been considered a place where acceptance has been enormous for many years. “But then he made it clear:” There is a little bit of myth and a little bit of reality”. In addition, he said that this is important at the regional level and that there are many affiliated companies.
On the other hand, Bari highlighted the recent surge in adoption and even the DeFi phenomenon.
Bitcoin and the devaluation of the Argentine peso
Rodolfo Andragnes recalled that the price of Bitcoin had fallen long before the pandemic and that something special was happening in Argentina. Because then the price of Bitcoin rose, but also the peso (the price of the dollar rose) very sharply, which also had an impact on the price of BTC in Argentina.
Nora Palladino recalled that Bitso landed in Argentina this year and that there are basically two formats, one of which is related to trading, namely Bitso Alpha. And then the app, which is the “star product” with which they have been striving for massification since the start in Argentina.
Palladino emphasized the difference Argentine users have compared to citizens of other countries. “The use case in Argentina is different from the one in Mexico,” he noted.
Then he said, “Contexts allow people to use crypto for different purposes. Investing with Bitcoin is a very strong argument in Argentina. But there are also stable coins as a store of value “
Palladino explained that The Argentine user has a basic knowledge of economics but is superior to many other users in other countries. “Here people have the knowledge they need to survive and manage their finances. There is also a custom of working with currencies. “
Andragnes emphasized that Argentines are used to operating with other currencies.
“”An average user in Argentina would not think about saving in pesos. It’s something historical because the currency has been devalued, ”stressed Palladino. And he also said that risk aversion is lower than in other more stable economies.
Lawyer Castillejo added to the conversation with a statement from a legal and tax point of view, although it was clear that it is a path they are still going because not all people agree on different points.
“Bitcoin is not just a revolution from an economic point of view. Questions about legality and taxes arise,” he commented.
And that made clear Bitcoin is legal in Argentina, but there is also a tax area that is quite complex.
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