Rajarshi Mitra
Independent Analyst
- Paraguay bought pesticides and fumigation products worth $7,100 from Argentina using Bitcoin.
- Latin America has recently seen a surge of crypto usage as bad governance and hyperinflation has left citizens with no choice.
In a landmark event, Paraguay has bought pesticides and fumigation products worth $7,100 from Argentina using Bitcoin. The Bitcoin was then converted into Argentine peso to pay off the agricultural chemicals. These payments were made via Bitex, a Latin American financial services provider.
This is the latest in the series of mainstream crypto-usage coming out of Latin America. The region as a whole has been suffering from hyperinflation and lousy governance and has looked to cryptocurrencies as a way of escaping financial tyranny from their governments. As reported by FX Street, Venezuela’s weekly trading volume exceeded 2,000 bitcoins and hits record highs way back on February 6th. FX Street also reported that the Bitfury Foundation and South Korean R&D group, Commons Foundation, are collaborating to launch Bitcoin mining centers in Paraguay.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Litecoin price is failing recovery as Whales pull back to December 2020 lows
Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections. While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.
Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul
Ripple Labs is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.
Ethereum Restaking - The next big thing after liquid staking?
Ethereum introduced unstaking this year, and the crypto market witnessed a stark shift. The Decentralized Finance (DeFi) space, in particular, observed the emergence of liquid staking protocols. With the discourse of “restaking” picking up heat, it seems like the market is getting ready for the next big thing.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.