Finance

Cryptocurrency Credit Cards Are Booming in Argentina

Cryptocurrency Credit Cards Are Booming in Argentina

Inflation is surging worldwide, but some places are getting hit harder than others. Argentina is seeing some of the highest inflation rates in the world. The country’s annual rate is more than 50%, leaving many Argentinians feeling broke. However, cryptocurrency credit cards are becoming more popular in Argentina, and it’s no surprise with inflation rates that high. Many people use trading apps like tesler because they can see how much cryptocurrency is worth in their fiat currency.

This post will break down everything there is to know about Argentina and the inflation rates the country’s citizens are facing.

Cryptocurrency Credit Cards

Lemon Cash is owned by Visa and is a cryptocurrency credit card that has been released in Argentina since last November. This card allows users to convert the necessary amount of cryptocurrency from their accounts to pesos to make payments. The company offered 100,000 cards back in November. Also, each purchase made on the card gave every user 2% back in Bitcoin.

Other places see the cryptocurrency card as a marketing tool; however, that is not how it looks in Argentina. This cryptocurrency credit card is helping Argentinians temper the impact of rising prices. Argentinians are looking for a way to survive while the country is placed fourth for the highest inflation rate in the world. Compared to last month, inflation has jumped 3.9% and 50.7% annually.

Many people at the central bank have predicted that inflation in Argentina will reach 55% this year. With prices on everything increasing so quickly, it is no wonder why more cryptocurrency credit cards are wanted and needed in these areas.

Lemon Cash & More

Based in Buenos Aires, Lemon Cash originally planned to only bring out 50,000 cards during the first month of the launch, but it ended up distributing 100,000 instead. Today, more and more people are looking towards Lemon Cash as a way for them to survive the increasing inflation rates.

Lemon Cash’s chief marketing officer, Franco Bianchi, has said that he believes Latin America is a good place for these services. This is because the economies are unstable, and the currencies are devalued. That is why many people are looking towards cryptocurrency to pay for items in their daily lives. Additionally, the 2% Bitcoin back scheme when someone uses the card is helpful to many people who make purchases because that goes towards future payments.

Additionally, Lemon Cash is looking to expand to Brazil in mid-March. The company is currently discussing the licenses that need to be obtained to start a business in Brazil. Also, the company is looking to launch more services in Peru and Chile later on in the year. Lemon Cash is expanding its use into different countries, and it will be able to do so with the amount of experience it has gained from being in Argentina.

More Competition

Like with any other industry, there is competition heading towards Lemon Cash. Ripio, a digital wallet provider, is also looking to expand itself. It currently has more than 3 million users in Argentina and Brazil, which is already a solid step in creating competition for Lemon Cash. The company wants to bring new ways for people to use their tokens in their daily lives. It also wants people to have a range of benefits while using this payment method.

Conclusion

Inflation rates are attacking every country, but many countries in Latin America are being hit the worst. People must still be able to provide for their families, and one way that people are doing this is by using cryptocurrency credit cards. This helps people pay for their items with cryptocurrency. However, it is essential to watch out for how much cryptocurrency is worth.

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