The Binance cryptocurrency exchange, together with the Mastercard payment system, will launch special debit plastic cards for users from Argentina, which can be replenished with cryptocurrencies.
Residents of Argentina will be able to use bitcoin, BNB and other cryptocurrencies to replenish cards. At the same time, using the card, it will be allowed to pay for purchases in any store and terminal that supports the Mastercard system. In addition, funds can be withdrawn from ATMs. A cashback system of up to 8% is promised for certain categories of purchases.
The people of Argentina will be the first in South America to have such cards. Earlier, a similar initiative was launched in Ukraine. To receive a cryptocurrency card, a resident of Argentina must provide a valid national identity card.
“Payments are one of the first and most obvious use cases for cryptocurrencies, and the adoption of digital assets will only increase. When using the Binance Card, store owners will continue to receive fiat money, and users will be able to pay for purchases with any cryptocurrency,” said Maximiliano Hinz, director of Binance for Latin America.
The choice of Argentina is explained by the fact that it is in this country that one of the most significant penetrations of cryptocurrencies into people’s lives is observed. According to Americas Market Intelligence, about 12% of the country’s residents own and use crypto assets.
Previously, the major Argentine football club Sao Paulo used cryptocurrency to conclude a contract for the transfer of a player from another local club.