Record inflation in Argentina led to boom of cryptocurrency credit cards – Bits Media

The Argentine cryptocurrency exchange Lemon Cash increases the issue of credit cards nominated in Peso and bitcoins to 3 Milly pieces - against the background of excitement demand among local residents.

The level of inflation of the economy of Argentina in annual calculus reached 50%, reports Bloomberg. By the end of the year, inflation should be 55%. This has already caused panic among citizens of the country, which began to feverishly look for new financial instruments, allowing to hedge growing risks. Investments in cryptocurrency assets are seen by them more winning, than investments in real estate and precious metals, where liquidity is limited by purchasing demand.

An important factor, affecting the popularity of cryptocurrencies in Argentines, This is the possibility of anonymous operations. Thus, people try to avoid potential state restrictions and become independent from monetary policy, carried out by the Government of Argentina.

On the day of launch of cryptocurrency credit cards VISA in November 2021 year, the Argentine crypto -tank Lemon Cash delivered to users right away 100 000 card. In the context of an angry financial crisis, the cryptocurrency exchange plans to emit additionally almost 3 Mill of cards. Cards allow you to perform operations in Peso and bitcoins.

The representative of Lemon Cash, that the deterioration of the financial situation in Argentina indicates, that all these millions of cards will be in demand in the near future:

“The company's mission is to fill Argentina with bitcoins and give people the opportunity to enter the world, For which the future ".

In early February 2022 years Binance reported plans to launch a cryptocurrency card in Ukraine with converting into hryvnias. In July last year, Deserv launched a VISA credit card in partnership with Blockfi, supplier of financial services in the field of crypto assets.