Argentina recently settled an export deal with Paraguay using Bitcoin (BTC), with the transaction marking the first time both countries use BTC to pay for an export deal. The transaction could be the first of many as Argentina aims to use BTC to settle export deals below 15,000 USD.
Paraguay uses BTC to pay for Argentine products
According to a report by Cointelegraph en Español on Thursday, February 14, Paraguay used Bitcoin to pay for 7,100 USD worth of pesticides and fumigation products imported from Argentina. The original purchase was made with BTC, but was then converted into Argentine peso.
To proceed with the payments, Argentina hired the services of Bitex, a Latin American financial services provider that supports BTC payments. Bitex’s chief marketing officer, Manuel Beaudroit, revealed that the company is part of the program dubbed Exporta Simple, an initiative launched by the Argentinian government to support the export of goods and services worth less than 15,000 USD.
Argentina adopting crypto
Argentina is one of the leading South American countries in terms of crypto adoption. In May 2018, an Argentine bank Masventas revealed that it was looking to create an alternative to SWIFT payment systems using Bitcoin, and Bitex was tasked with providing the necessary ecosystem to support BTC transactions.
Over the past few months, Bitcoin adoption continues to increase in the country. Earlier this month, Argentina’s official state transport card, SUBE (Sistema Único de Boleto Electrónico), announced that BTC could be used to pay for public transportation in 37 cities across the country. The integration of BTC into SUBE is a significant move since over seven million people in Argentina use the payment platform.