HomeMining

Paraguay Pays for Imports from Argentina in BTC

While other governments are choking up the crypto space with regulations, some are embracing it and even using it to pay for exports. Paraguay just paid Argentina in BTC for fumigation and pesticides products. The products were worth 7,100 dollars and Paraguay choose to close the deal in BTC.

For the two countries, this is a new beginning that will see their involvement propel the crypto sector into the next level. To facilitate the whole process, Argentina reached out to Bitex exchange to convert the coins into fiat to enable them to balance accounts of parties involved. Besides just being the intermediary between the two countries Bitex exchange is also among the firms working in conjunction with the Argentina government on its Exporta Simple project. Argentina’s Export Simple project is in place to take care of exports whether goods or services which come under the $15,000 mark. And with Paraguay imports coming under the $15k mark Bitex exchange came in to complete the dots. Besides just ensuring the payment process is smooth Bitex exchange goal of providing efficient cross border payments in the region was of huge help. With the cross border payment development aside Bitex is also at the center of another development plan that will see Argentina create its SWIFT platform. Per information from local authorities, Bitex vast ecosystem will come in handy during the development. The announcement was made in 2018 May.

Both Countries Are Working To Develop the Crypto Sector

 As Argentina is fronting other projects in the crypto space to fast track the adopting of cryptocurrencies, Paraguay is also doing the same across the border. Bitfury Company a key player in crypto mining space signed a memorandum with Commons Foundation to open several mining firms in Paraguay. Commons Foundation is a South Korean research firm. Apart from just facilitating payment across borders Bitex exchange is also working with local Argentina transport sector to get locals to pay for transportation through BTC. Initial plans are already underway, and now Argentina’s can recharge their SUBE cards and travel anywhere through the public transport systems.

While Argentina is working on developing several projects that favor the crypto sector, it’s pushing adoption of crypto and blockchain to the next level. Besides working with key players in the industry, the government is also enacting conducive laws and are making Argentina a crypto friendly country.