What some are calling 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 as Argentina had already announced the country’s official state transport card SUBE (Sistema Único de Boleto Electrónico) would accept Bitcoin.. The region in particular Venezuela has been suffering from hyperinflation and has looked to cryptocurrencies as a way of escaping financial tyranny from their governments. Venezuela’s weekly trading volume exceeded 2,000 bitcoins and hits record highs way back on February 6th. The Bitfury Foundation and South Korean R&D group, Commons Foundation, are collaborating to launch Bitcoin mining centers in Paraguay.
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.
Some are wrongly reporting this to be the first export settlement. This took place between Russia and Turkey some time ago. But one thing is for sure that Latin and South America continue to open up to crypto currency transactions.
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