Over the week, Argentina settled an export trade deal with Paraguay in Bitcoin (BTC); a potential green slate for more use-cases of the native cryptocurrency.
The deal involving agricultural chemicals (pesticides and fumigation) products worth about $7,100 from Argentina, had the purchase paid for in Bitcoin with a subsequent conversion to Argentinean Pesos to settle accounts of the exporting company.
To facilitate the payments, Argentina applied to Latin American Financial and Bitcoin payments service provider – Bitex; which according to its Chief Marketing Officer Manuel Beaudroit, the company is a member of the Argentine government’s program Exporta Simple (a platform for export goods and services below $15,000) and also a facilitator for efficient cross-border payments.
Argentina and indeed its South American counterparts like Venezuela and Paraguay look to keep up with the crypto and blockchain space with more adoption and use-cases for bitcoin, blockchain technology and bitcoin mining in their respective climates. Notably, Paraguay’s government in conjunction with Bitfury had last year begun the construction of the world’s largest crypto (Bitcoin) mining farm and exchange in the country.