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Two factors are likely to have contributed to cryptocurrency’s growing popularity in Argentina.
- The first, and most obvious, is its global popularity. Cryptocurrency services are widely regarded as an easy way to make money if you are knowledgeable enough.
- The second is more contentious, as the popularity of cryptocurrency in the country can be attributed to citizens’ inherent distrust and trauma with the financial economy. This is related to the devastating financial crisis that occurred at the end of 1990, which caused Argentine citizens’ bank accounts to be frozen and their savings to vanish overnight.
Fearing that their holdings will be devalued, Argentinians are looking for another way to safely store and use financial services that will not crash and burn as the Argentine financial industry did in the 1990s. As a result, when cryptocurrency was introduced in the country in the 2010s, it is likely that Argentinians began flocking to this new financial technology, believing it to be the financial safe haven they sought.
Because of the popularity of cryptocurrency services, the Argentine government quickly determined that these volatile, decentralized, and seemingly foreign financial services posed a threat and disruption to their country’s natural financial and economic sectors. The government severely restricted the operation of crypto-related services due to a lack of intimate knowledge and fear of the unknown concept.
- This intervention is surprisingly effective in keeping crypto services under control, ensuring that all crypto activities are regulated, monitored, and recorded so that nothing is overlooked in this financial system.
- This move helped the country’s cryptocurrency industry far more than expected, as it assisted them in regaining a transparent and stable root in the community.
Preferred Crypto Exchanges for Argentinian Investors
Conditions for Purchasing Cryptocurrencies in Argentina
Let’s start by stating that, despite the strict regulations placed on cryptocurrency assets, Argentina does not have any laws prohibiting the use of cryptocurrency or any services that are related to it. The Central Bank is the only entity permitted to issue any form of legal tender under Argentina’s National Constitution. Therefore, cryptocurrency is not in any way a legal tender, but it is still recognized as money, so using it for any transactions that are solely crypto-related is entirely legal. While cryptocurrencies are not illegal in Argentina, the government has enacted several regulations in areas such as taxation and anti-money laundering.
After we’ve covered the rules for crypto investors, let’s look at the rules for crypto service providers. There isn’t much to say because Argentine crypto laws are still being scrutinized by authorities such as:
- the Federal Information Unit (UIF)
- the Argentinian National Securities Commission
- and others
The UIF Resolution 300/2014 appears to only provide guidelines on cryptocurrency recognition, as well as their relationship under the Anti-Money Laundering Law and their place under the Tax Reform Law. Another clearly established fact is that unregulated transactions on the crypto network are illegal, and banks are prohibited from operating any unlicensed and unregulated crypto services. In some cases, the Financial Crimes Enforcement Network (FinCEN) is still developing laws to govern crypto services such as crypto mining, and as a result, the legality of these activities is still unclear.
Overall, Argentina’s laws are fairly reasonable, as the government works hard to ensure that its citizens are safe, protected, and free as investors in such a volatile crypto market.
Is Bitcoin Permitted in Argentina?
Bitcoin and the majority of cryptocurrencies are all legal and permitted in Argentina. They are not considered legal tender, according to FinCEN, because they are not issued by the country’s central bank. Furthermore, they are heavily regulated to ensure that all transactions in the crypto network are safe and secure for the sake of their citizens and the financial industry.
Step-by-Step Guide for Buying Crypto in Argentina
One of the most common ways to acquire Bitcoin in Argentina is through Bitcoin ATMs, while another is through a cryptocurrency exchange platform.
Bitcoin ATMs are automated teller machines that allow you to purchase or withdraw Bitcoin using their network and your personal cryptocurrency wallet. There are several Bitcoin ATMs scattered throughout Argentina, all of which offer Bitcoin services, as well as Ethereum and other popular coins. To do this, go to one of these Bitcoin ATM locations with a ready crypto wallet and the following instructions:
Locate the nearest Bitcoin ATM and bring cash, your wallet's address, and its QR code.
Use the touch screen on the machine to choose the Bitcoin cryptocurrency. Find the QR code for the address in your wallet, and present it to the machine's camera. Confirm your purchase after the camera has finished scanning.
Put your money in the machine. Verify the total of the purchase and the service charge.
Get the Bitcoins once the confirmation is made.
Crypto exchange platforms are the most convenient way to buy, sell, and manage crypto assets. Argentina does not have many restrictions on which crypto exchange platforms can operate in the country, so there are many good exchanges to choose from. To purchase cryptocurrency, open any device with an internet connection, such as a desktop or laptop, and let’s get started:
Visit the website of the cryptocurrency exchange to sign up and validate your account. A valid identification card and some personal information might be requested from you. When you're finished, you ought to have access to the cryptocurrency services the exchange offers.
You can link your bank account, e-wallet, or debit card to your crypto exchange account, or you can deposit fiat money into it. This will be used to purchase any cryptocurrencies in your account.
Find the cryptocurrency you want to purchase in the market, such as Bitcoin (BTC), by going there. Select it, then select Buy.
Give the necessary details, such as the cost of the purchase and the method of payment. Examine the transaction, then approve it. Then you're done.
The Best Cryptocurrency Wallet for Argentinians
Purchasing crypto assets such as Bitcoin may necessitate the use of a crypto wallet in order to purchase and safely store digital currency. It is strongly advised to use more secure asset protection, preferably a hardware wallet. Here are some of the best Bitcoin and cryptocurrency wallets on the market.
- At $150, the Ledger Nano X is one of the most cutting-edge hardware wallets available. It provides top-tier security and supports a wide range of cryptocurrencies, including Bitcoin.
- SatoshiLabs’ Trezor T is a second-generation hardware wallet for Bitcoin/Altcoin. For $350, you get cutting-edge security, extra protection and verification methods, and a diverse storage solution for over 1,800 coins and tokens, including Bitcoin.
Frequently Asked Questions
In Argentina, there are numerous popular exchanges where you can purchase crypto assets.
- There’s eToro, a globally renowned trading platform with unique copy trading features, a user-friendly interface, and more.
- Coinmama works in almost every country around the world, has the highest credit card limit for buying bitcoin, and is a trustworthy broker–though they charge a whopping 4.9% to 5.9% on every purchase.
- Finally, CEX.io accepts credit card purchases in addition to ACH bank transfer, SEPA transfer, cash, or astropay. It supports a wide range of regions and countries, has a low 0.2% trading fee, and is a well-known and trusted exchange.
There are more crypto exchanges in Argentina, all with outstanding and fantastic features. These are just a few of the well-known and well-established crypto exchange platforms.
Using P2P (Peer-to-Peer) exchanges like Bisq, Paxful, and LocalBitcoins, which are accessible in Argentina, it is possible to purchase Bitcoin anonymously and safely. Additionally, buying Bitcoin can be done anonymously using Bitcoin ATMs too.