Two banks in Argentina have to offer cryptocurrency services to their customers due to overwhelming public demand.
Banco Galicia, the country’s largest bank by market value, and digital bank Brubank, will offer customers the option to buy bitcoin, ether, USDC and XRP from Monday.
The announcement follows a customer survey in which 60% of customers said they wish their banks allowed easy crypto purchases.
“This motivated us to push this project,” two senior Banco Galicia officials said in a statement. They further noted that younger demographics show the most interest.
Bank Galicia and Brubank are joining forces with Lirium, a crypto product from Liechtenstein used for crypto wallets. Bank customers will be able to buy and sell digital assets using the same platform provided by Lirium, which is used to buy stocks and bonds.
Banco Galicia will offer the service to customers whose salaries are deposited in their bank accounts by their employers.
According to a survey, interest in cryptocurrencies is booming in Latin America. A quarter of Brazilian respondents said they intend to buy cryptocurrencies in the next 12 months.
Peru’s adoption is only 1%, but 12% of respondents said they would buy crypto in the next twelve months. On the other hand, Argentina expects a 235% increase in adoption.
Last September, the president of the Central Bank of Argentina said that cryptocurrencies should be closely monitored to prevent their use to circumvent foreign exchange regulations.
Argentina’s central bank president warns of volatility
He also expressed concern about their volatility, which is why they could not be used as currencies. In September, the president of Argentina’s central bank said cryptocurrencies needed to be closely monitored to prevent their use to circumvent foreign exchange regulations.
Argentinians suffered from currency devaluation as inflation rose, prompting the migration to crypto as a hedge.
In 2019, following a stock market crash, the country saw a record volume of bitcoin trading on the localBitcoins over-the-counter exchange.
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