Business 8 February 2019Erik Gibbs
Argentinians now using crypto to pay for public transportation
Argentinians seem to be able to do what many other countries can’t – embrace the future. Last year, the Argentina’s Banco Masventas decided to forego using SWIFT for money transfers in favor of a cryptocurrency solution offered by the exchange Bitex. The South American country continues to push forward with crypto adoption and, in the latest example that shows how useful crypto is – and how easy adoption is – digital currencies can now be used to pay for public transportation in 37 different localities in the country.
According to Spanish crypto media outlet cripto247.com, SUBE cards can now be topped off with Bitcoin Core (BTC). SUBE is a debit card system specifically for public transportation payments in the country. It is managed by Alto Viaje, who has now signed an agreement with Bitex to allow crypto to be used to add credit to the SUBE cards.
Manuel Beaudroit, the chief marketing officer (CMO) of Bitex, states, “We believe that this type of project is of great importance since it brings technology as disruptive as bitcoin to the common people, demonstrating the true value and the applications it has in everyday life.”
This is just the latest step toward greater crypto adoption across the globe. While the markets still see a certain amount of movement, overall volatility is much less than it was a year ago, allowing more merchants, investors and consumers to feel more confident about the crypto ecosystem.
The cards can be topped up at any Subte metro station, national lottery outlets and at some automated terminals. SUBE maintains a list of SUBE vendors on its website in order to locate the closest point of sale.
SUBE Director Luciano Verardo explains, “… [W]e want to offer safe and innovative services, the alliance with Bitex allows us to integrate payment with bitcoins and new possibilities of financial inclusion…”
One of the biggest impulses for the adoption of crypto in Argentina is the country’s increasing inflation. This is causing a number of citizens to opt for digital currency in an effort to not lose their financial worth. Crypto exchanges have seen greater activity in the past several months and there has also been an increase in the number of crypto ATMs located throughout the country.
With concerns increasing that the U.S. may be close to another major recession, it’s only a matter of time before its citizens realize that now is the time to embrace cryptocurrencies, as well.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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