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Crypto Startups in Argentina Booming Despite Recent Price Tank


While all recent focus in the world of cryptocurrency was on Venezuela and their cryptocurrency Petro, a country to the south has been silently making huge headways and growth. With a bad history of banks offering only limited customer access and their inflation rates booming to 47% in 2018, Argentina’s cryptocurrency market shows no signs of any problems as it has grown from strength to strength at an unprecedented pace.

For instance, in December 2018, usage of the peer-to-peer exchange LocalBitcoins in Argentina registered an all-time high of ARS 9.4 million (Argentine pesos approximately USD 240,000) in weekly volume. And even during the crypto crisis across the globe, the growth of Bitcoin exchange has been consistently increasing since the 2017 token boom, when the peak was a “mere” ARS 5.7 million (USD 150,000). Now, this figure would only represent a slow week in Argentina’s P2P market in 2019.

Although Argentinian companies have also borne the brunt of the recent crypto volatility, surprisingly the local demand has been consistently increasing. This has been bolstered by the recent influx of Venezuelan immigrants which means there are suddenly a massive number of people who require banking services, financial tools, and remittance services.

Santiago Siri, who is the founder of the blockchain startup Democracy Earth Foundation and investor in several Argentinian crypto startups commented on this growth in an interview,

“The sector is growing, it’s growing very well. It’s providing a lot of jobs. People are using these technologies for real survival needs and finding themselves in a better world than if they had to trust the government.”

To illustrate the point of how Argentinian markets have remained largely unaffected by the global dip in cryptocurrency, Bitcoin exchange Bitex’s CMO Manuel Beaudroit revealed how his company has seen an ever-increasing demand for Bitcoin services from Argentinian banks and brokerage firms in 2019. Beaudroit said:

“They are interested in offering their clients the ability to do cross-border payments and remittances with Bitex’s services.”

This surge exhibits Argentina’s unique role in the Latin American economy and commercial landscape, where investors all around the world now recognize the country as a hub for bitcoin-savvy startups with limitless potential for growth.


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South America: Crypto and Blockchain News Roundup, 2nd to 8th November 2018

South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.


Pharma company launches digital innovation challenge: Pfizer, one of the largest pharmaceutical companies in the world, has announced a new entrepreneurship competition. The Pfizer Challenge aims to stimulate innovation in two categories: medical innovation and tech innovation.

Participants can register themselves for the challenge on the official Pfizer Brazil website and the event itself will take place on 4 December 2018. Blockchain startups are looking towards the tech category.

Since Pfizer is interested in the developments of blockchain technology, developers and has already announced two partnerships in DLT including one with Aimeds, an AI company and another with Genentech that uses Quorum based on Ethereum to keep fake medicines out of medical supply chains.

Tax regulator publishes draft on crypto taxation: Federal financial regulator Federal Revenue of Brazil (RFB) has published a draft on cryptocurrency taxation in the country.

In the draft paper, available on the RFB website, the monetary authority has declared that it is the duty of the cryptocurrency exchanges to send detailed reports of all cryptocurrency operations on a monthly basis to the regulator. They will even have to reveal the amount and number of transactions as well as identity of customers themselves.

All legal entities investing in cryptocurrencies in foreign exchanges are also obliged to report all transactions per month. For those who fail to report their trade, there will be a fine of up to BRL 1,500 (USD 400). The RFB could charge 3% of transactions as a fine too.

The hard-hitting measure by the regulator is not yet approved by the government but cryptocurrency advocates including the Brazilian Blockchain and Cryptocurrency Association (ABCB) may oppose these measures.

Sao Paulo restaurant to accept Bitcoin: A Sao Paulo restaurant named Casa de Porco Bar has announced that it will be accepting Bitcoin payments in a partnership with CoinWISE cryptocurrency payments platform.

According to the restaurant chef Jefferson Rueda, “Our idea is to make cryptocurrencies commonplace just like any other form of payment and thereby increase their global currency position.”

The service is easy to use and will bring many benefits to cryptocurrency holders in the city.

Ronaldinho announces new crypto in partnership with Usain Bolt: Two of the biggest names in sports Usain Bolt and Ronaldinho Gaucho have joined hands to launch a cryptocurrency asset in the market called the Champion Coin.

Other prominent personalities added to the project include Didier Drogba, Akshay Kumar and David Trezeguet. The project is based around global hygiene company Champion Shave. The aim is to tokenize the expansion of the company and record the sale of the first 100% recycled shaver on DLT.


Government authorizes first payment with Petro: The Venezuelan government is moving forward with the use of the controversial cryptocurrency Petro and has ordered the first sentence payment using the state-owned token.

Venezuela’s top court ordered that moral damages in a work-related case be paid in Petro or equivalent to the victim who was injured by an Agriculture Ministry Institute employee.


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