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Bitcoin

Bitcoin advantages for local and international operations


Key facts:
  • Bitcoin is sold at the free market dollar price, not the official price.

  • There is no need to ask for authorizations to send or receive bitcoins.

When you need to receive international payments in Argentina, doing it in Bitcoin (BTC) is one of the most effective options. This is because they can be exchanged for pesos at the real market price.

On the other hand, when using services such as Paypal to later transfer the money to a bank account, a large part is lost due to commissions since the law requires the use of the official dollar rate, which does not benefit the user.

This was explained by Franco Amati, co-founder of the NGO Bitcoin Argentina, when asked about the matter by Eduardo Gómez, Head of Support at Purse.io, who moderated the panel Cryptocurrencies for payments, collections and remittances. This meeting was held on July 30 within the virtual conference Decentralize 2020.

For almost an hour, protagonists of the Latin American “crypto industry” spoke under the slogan “The advantages of the cryptoeconomy for local and international operations”.

There also gave his opinion Fabiano Dias, manager for Latin America of the Bitwage company. He stressed that with Bitcoin it is not necessary to convert the entire value to pesos. “Unlike other methods, you can convert according to your need,” he said.

Regarding this, Matías Goldenhörn, director of Athena Bitcoin and participant in the panel, pointed out how easy it is currently to exchange cryptocurrencies for fiat money. He gave as an example the ATMs of the company he represents and announced that, from now on, one of them, installed in a supermarket in Buenos Aires, It also allows you to deposit and withdraw dollars.

For almost an hour, protagonists of the Latin American cryptocurrency industry discussed under the slogan “The advantages of the cryptoeconomy for local and international operations”. Source: https://descentralizar.org/.

“There are countries where you can live with cryptocurrencies”

Mauro Peretti, Bitrefill’s head of marketing, added his voice to the dialogue and indicated that “there are countries where you can live with cryptocurrencies.” He named India as an example, a country in which, thanks to the possibility that his company offers to acquire gift cards in exchange for cryptocurrencies, he can even pay rent for a home.

“In Latin America this is a little slower because gift cards are not widely accepted,” he said, although he mentioned exceptions such as Brazil and Colombia where Bitrefill offers a wide variety of possibilities.
On Argentina, where the services of this company are reduced, he explained that the exchange clamp hurts the operation but that, in any case, they will look for options so that people can use their cryptocurrencies anonymously in a greater number of businesses.

Person-to-person transactions grow

Regarding anonymity, the panel moderator mentioned during the conversation that, to buy and sell Bitcoin and cryptocurrencies, many prefer to expose themselves to the risks of a person-to-person transaction rather than give their data to a trading platform.

Amati agreed with him and added: “Not only are they afraid of money exchange offices, but in Argentina sometimes They are afraid of the tax agency and the government. “

CriptoNoticias published an article detailing the great growth that p2p exchange platforms had so far in 2020. These platforms do not have KYC (“know your customer”) policies and allow them to operate without provide personal data.

Trader strategies

On the adoption of Bitcoin and other cryptocurrencies by merchants, Juan Pablo Cánepa, from the company CriptoPosta, who provides consulting on Blockchain and Tangle in the Patagonian region in southern Argentina, recounted his experience.

“We make a combo for customers. Not only do we go and explain how it works, but we also give them graphic pieces to make it visible that they are accepting cryptocurrencies: printed addresses, a ‘tracing’ in the window and we add them to our website, ”Cánepa explained in the panel.

Are more regulations necessary?

Half an hour after the panel started, an exchange of ideas took place between Gómez and Amati. The moderator assured that more regulations are necessary since he considers that it is difficult to pay taxes and justify income before the law if a client who is abroad is charged with cryptocurrencies.

“By law, that payment is supposed to be pesified and [en Argentina] there is no legal framework for payments in cryptocurrencies, ”lamented Gómez.

Amati refuted his claim. “Actually, that is debatable,” he said, to clarify later that those who provide services, unlike those who sell goods, are not obliged to settle foreign currency or enter the Single Market Free of Exchange. He admitted not being a specialist on the subject and added that, surely, in another of the talks at the conference devoted to legal matters, the matter will be discussed in more detail.

At Gomez’s insistence with asking for solutions from state agencies, Amati again stated his position: “It is not necessary, there is a solution! A good accountant can handle it. ” He assured that “everything is allowed as long as it is not prohibited, and this is not strictly prohibited ”.

For Eduardo Gómez, panel moderator, the main benefit of cryptocurrencies for remittances and payments is that you do not have to ask anyone for permits or there are no restrictions on the amounts. Source: screenshot.

Then, by way of closing the section on regulations and leaving behind the differences with his interlocutor, Gómez pointed out what he considers the greatest advantage of using cryptocurrencies:

Cryptocurrencies in Argentina are a great collection and payment mechanism because it is practically instantaneous. You don’t have to ask anyone’s permission, you don’t have to go to the bank and say ‘Hey, I want to send a transfer abroad’ or ‘Hey, I’m going to receive a transfer, please don’t block my account’. The main benefit of cryptocurrencies here, in Argentina, for the issue of remittances and payments is that you don’t have to ask anyone for permits and you can make your transfers without restrictions on the amounts. ”
Eduardo Gomez

Other panels

In addition to the panel presented here, an introduction to Bitcoin was made by the president of the NGO Bitcoin Argentina, Rodolfo Andragnes; a money history class by Alfredo Roisenzvit, CEO of RiskBusiness LA; and a debate by economists on Bitcoin and traditional economic models in which Diana Mondino, Agustín Etchebarne and Iván Carrino participated, moderated by Gonzalo Blousson.

On Friday, July 31, the second and last day of the conference, there will be, from 15:00 (Argentine time, UTC –3), 13 activities, among which are the panels on legal and accounting aspects in Argentina; stablecoins; decentralized finance; and the future of post-COVID money19.

The triple objective of Decentralizing 2020 is, in the words of Catalina Castro, host of the YouTube channel “Tech with Catalina” and presenter of the conference: spread the characteristics of decentralization, explain how to achieve it and decrease ignorance about cryptocurrencies.



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