Bitcoin (BTC), which is the leading cryptocurrency, has affected a few noteworthy improvements that would enable the adoption of the digital assets within the overall region of Latin America specifically in Argentina and Venezuela. Such developments do not deviate from the truth of the actual world that the economies related to these countries have gone down rapidly thereby forcing the residents of the state to look forward to a substitute currency which includes US dollar and cryptocurrencies such as Bitcoin and privacy-centric Dash.
The Government of Argentina has made a momentous progress in the crypto field that would enable their residents to fill up their smart contactless transport cards with Bitcoin as the residents of the country. Such development in the process which was executed by the Argentine Secretary of Transportation would allow users of the SUBE (Sistema Único de Boleto Electrónico) cards to recharge their cards by using the popular cryptocurrency. The significant change took place due to the collaboration of the online card funding platform Alto Viaje and fintech startup Bitex. The partnership was effective from 7th of this month.
Further, As per the reports from the Argentina government, currently, SUBE card services are being accessed in 37 cities across Argentina that includes the capital Buenos Aires. The users utilize the card for availing the benefits of the services availed by them from various means of transport such as buses, trains, subways, and motorboats.
Earlier to this partnership, SUBE users were allowed to load up their cards via PayPal but post the collaboration another two options have been added up in the list – Bitcoin payments and very soon they would activate payment gateway through local payment provider, RapiPago. According to the official website of the SUBE, users would be able to top up their smart cards via SUBE stations, national lottery outlets and automated POS terminal that also includes kiosks.
Bitex CMO, Manuel Beaudroit, stated that they “believe that this type of project is of great importance since it brings technology as disruptive as bitcoin to the common people, demonstrating the true value and the applications it has in everyday life.”
Also, Director at the Argentine Transportation ministry, Luciano Verardo, gave likewise attitude towards such change and stated that: “…we want to offer safe and innovative services, the alliance with Bitex allows us to integrate payment with bitcoins and new possibilities of financial inclusion…”
Presently, Argentina is going through severe inflation thereby forcing the residents of the country to acquire Bitcoin with the hope to preserve their wealth. Initially, the process required the Bitcoin to be converted from cash back in the form of fiat if they would want to spend their virtual currency. However, the current situation provides extra benefits to the citizens, thereby not requiring the citizens to cash out as they can directly recharge their smart cards without converting into fiat. Such change helps further adoption of the digital currency and helps to consume less time and apparently making the overall transaction an effective and efficient process.