One of the largest Argentine clubs, São Paulo, used cryptocurrency to conclude a contract for the transfer of a player from another local club.
The São Paulo club used USDC stablecoins to pay for the transfer of midfielder Giuliano Galoppo from the Banfield team, which is in the middle of the Argentine championship standings. During the negotiations, the value of the contract increased from $6 million to $8 million due to the volatility of the Argentine peso. To transfer funds, the services of the Mexican cryptocurrency exchange Bitso were used.
“We are very happy to work with clubs. This is a historic event – the use of secure, transparent and flexible cryptocurrency transactions to pay for football contracts,” said Thales Freitas, director of Bitso in Brazil.
Analysts note that Argentina is now in the midst of an economic crisis, which is increasing the adoption of cryptocurrencies, especially stablecoins. Residents of the country use tokens pegged to the US dollar to keep their savings.
Earlier, the Central Bank of Argentina restricted the sale of dollars to cryptocurrency traders.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
