Binance and Mastercard collaborate to launch Binance Card in Argentina

As we know, the adoption of cryptocurrencies seems easier in countries where inflation is galloping. This is the case in Argentina, where Binance and Mastercard are launching their prepaid crypto card. A novelty for the region.

https://cryptoast.fr/binance-mastercard-card-argentina/

Binance and Mastercard team up to offer a card in Argentina

According to the company’s announcement, Argentina really is the first country in Latin America where the Binance Card will be available. All Binance users with a national identity card will be able to access the service.

Cryptocurrencies are converted in real time during checkout and customers can receive up to 8% cashback on selected purchases. Binance also confirms that there will be no transaction fees for ATM withdrawals.

Binance Latin America CEO Maximiliano Hinz confirms it’s about building new bridges to promote adoption :

Payments are one of the first and most obvious use cases for cryptocurrencies. But adoption can still progress strongly. Using the Binance Card, traders will continue to receive fiat currencyand users will pay with the cryptocurrency they want.

👉 Must Read – Crypto Cards: 2022 Comparison of the Best Cards to Pay in Cryptocurrency

Spend at over 60 million merchants

8% cashback in BNB for each expense

Argentina goes crypto

As in other countries that experience significant inflation, the Argentines have a particular interest in using alternative assets. And this interest extends to the highest levels. A year ago, President Alberto Fernández answered the question about a possible adoption of Bitcoin (BTC):

I don’t want to go too far, […] but there is no reason to say “no”. Maybe that’s a good way to go.

Since last year, inflation has only accelerated in Argentina. The country ended its 2021 year with a 51% rate. And inflation could reach 77% by 2022. Monetary alternatives are therefore a matter of financial survival for many Argentines.

👉 Also in the news: Honduras creates “Bitcoin Valley” to accelerate the adoption of cryptocurrencies

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Source: Binance via PRNewsWire

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