(Bloomberg) Banco Galicia and Brubank, the two largest private banks in Argentina, have said they will allow crypto purchases.
Banco Galicia’s online interface is reported to have started supporting various cryptocurrencies that include Bitcoin, Ethereum, USD Coin, and Ripple.
The latest move by the Argentina banks happens amid a growing interest for digital assets in the country. A poll conducted in the country showed that 60% of the citizens want more access to crypto.
Argentina already ranks as the world’s sixth-highest country with the intake of digital assets globally. Around 21% of the citizens owned or used digital assets last year.
With inflation reportedly running up to 55% in April, Argentinians see an opportunity to hedge against the cost pressures. Crypto, especially Bitcoin, has been seen as a suitable inflation hedge due to its elements of decentralization and scarcity.
The growing interest helps Argentina to join other countries entering the crypto space, with countries such as Brazil already having a Bitcoin law proposal in place.
BTCUSD is down -0.11%, ETHUSD is down -0.64%.
