Argentina’s Largest Private Bank, Banco Galicia, Adds Bitcoin and Other Crypto Support on Their App

Vignesh Karunanidhi
Argentina’s Largest Private Bank, Banco Galicia, Adds Bitcoin and Other Crypto Support in Their App
Source: Todayq News

Argentina’s largest private bank, Banco Galicia, has enabled a feature that lets its users buy bitcoin, ethereum, XRP, and USDX in their app.

Banco Galicia, by market value, is the largest Argentinan private bank. The bank has added an option to sell and buy various cryptocurrencies on its app.

Argentinian crypto investors are in for a treat

The feature was added to the investment section of the bank’s app. The feature lets users purchase bitcoin, ether, USDC, and XRP. The initiative is a step towards bringing crypto to the masses and closing the gap between the users and crypto services.

Source: Digital AV Magazine

In order to make this feature happen, Banco Galicia partnered up with Lirium. Lirium is a Liechtenstein-based crypto and digital wallet service, provider. The bank replied to a customer who questioned about the availability of the service.

Argentina and crypto

Argentina seems to be pretty open toward cryptocurrency and its underlying technology. Recently, Buenos Aires announced the decision to allow citizens to pay taxes with cryptocurrency.

The Argentine government is a huge promoter of the crypto ecosystem . It is probably the one that is most favoring it in the world by establishing stocks, taxes, fees and forms. It catches you, then people look for ways out .”

Diego Fernández, secretary of Digital transformation and innovation

With the city’s strategy, Buenos Aires hopes to pursue a number of projects. One of them is the digital ID system, which will make the entire paperwork and payment procedure easier for residents. Citizens will also be able to handle many government offices and services using the same system as a result of the efforts.

The Argentinian government has also taken baby steps to launch its own CBDC. The CBDC is called the digital peso. These changes will definitely put Argentina at the forefront of crypto adoption.