In an economy that has dealt with currency crises in the past, it’s surprising that a bitcoin exchange is flourishing in Argentina. SatoshiTango has announced several plans to expand its services in the country after setting up shop nearly a couple of years ago.
SatoshiTango CEO Matías Bari became interested in digital currencies back in 2013, when he became impressed with the concept of cryptographic digital money and decided to set up a bitcoin exchange then. After dealing with a lot of technical challenges and plenty of skepticism, Bari was able to get the exchange up and running by building a fully-functioning and secure platform.
Bitcoin Exchange Expansion
Clients of SatoshiTango are able to take advantage of remittance services, which allow them to make international cash transfers via Coinnect, which is a payment network using bitcoin blockchain to transfer values. This way, ordinary folk are able to have a cheap and quick way to send remittances without having to understand bitcoin technology.
Aside from that, SatoshiTango is offering bitcoin prepaid cards to consumers, with the value redeemable on their online platform. SatoshiTango has also expanded its payment options to include several funding methods such as PagoFacil, RapiPago, and BaproPagos.
With that, consumers in Argentina can be easily able to buy bitcoin with pesos. For now, there are no explicit regulations that govern bitcoin operations in the country, but this could change soon. Bari is hopeful that financial officials in Argentina will adopt an open mind for cryptocurrency transactions and the bitcoin exchange.
Another challenge facing the bitcoin exchange in Argentina is the inherent distrust of consumers in the financial system, which could either be a boon or bane for Bari. Currently, SatoshiTango is one of the top bitcoin exchanges in the country by volume and Bari hopes that their plans to adopt more mainstream features could increase the acceptance of bitcoin in the country.