A recent crypto development in Argentina has surfaced. According to this development, the country’s lawmakers presented a bill that allows employees and workers to get paid in digital currencies. On one side, we see major institutions in the EU, UK, and North America boarding crypto-ship. On the other side, we see many countries taking initiatives to legislate to facilitate cryptocurrencies. Another side of the picture shows countries like Russia, planning to devise legislation to control Crypto.
Global Trends in terms of Crypto usage are increasing day by day. Who knew the virtual currency will not only become popular but turn into a globally acclaimed phenomenon. José Luis Ramón, the National Deputy of Mendoza province in Argentina shared the idea that employees can establish their autonomy and preserve the purchasing power of their compensation. According to this bill, the workforce will be allowed to get wages paid in Bitcoin. He stated, “I introduced this bill so that workers can receive their partial or full payroll in crypto.”
Cryptocurrencies are in the use for quite some time due to the great benefits they come along with, he added. He also explained that this project started as a result of their involvement in the Knowledge Economy forum a few years back.
As another Latin American country El Salvador declared Bitcoin as legal tender, Francisco Sánchez, Argentina’s deputy tweeted: – “I can’t believe this. However, it is how it is”. Just like the rest of the world, the crypto adaption among Argentines has been increasing very quickly. Another report surfaced in May, showing the rise of the population’s interest in Ether, stablecoins, and Bitcoin in Argentina. Jose Mendéz, Ripio’s director said “the crypto adoption reached new heights due to strike of the Pandemic”. He further stated, “We have a million crypto users today in Argentina. Whereas we had four hundred thousand users at the beginning of 2020. This number is growing every month.” Hence, the crypto trend has gone viral globally.
Recently, Visa, the global financial giant, revealed that its customers spent over $1billion in crypto-linked card usage. Visa users spent this money on goods and services and the Pandemic played a major role in it. Similarly, Mastercard also conducted another survey in the United States, which showed 93% of the participants wish to use cryptocurrencies next year. If we take a look at the UK, we see major hedge funds like Marshall Wace that manages $55 billion worth of assets. The firm has also decided to jump into the crypto ocean. The fund plans to invest in blockchain, stablecoins, and payments. According to another survey from last year in Argentina, 73.4 percent of participants considered cryptocurrencies to be the most effective way to protect their money.