Now, exporters of services from Argentina can receive digital dollars and pesify them at the best price, in their local bank account
Argentina was one of the countries that exported the most digital services in Latin America in recent years, along with Brazil and Mexico. So much so that the Argentine Minister of Economy Sergio Massa predicted that “…by 2023, the export of services from the knowledge sector will exceed 10,000 million dollars to become the third largest export complex in the country.”
This is because the skilled workforce in the country is among the most developed in the region. According to the official statistics of the last two decades, there are three major export items: business, professional and technical services; information and computing; and communications and telecommunications, with information and computing being the most robust.
This is how payments from abroad are increasingly common, mainly among self-employed workers and IT companies that have clients outside the country, so finding solutions to receive such payments in dollars at the best exchange rate is has become the main focus of many service exporters.
And it is not news that cryptocurrencies became the best option for this. The problem many have is what to do with the digital currencies once received.
According to Bitwage -the pioneer platform and leader in payment of fees in digital dollars most chosen by workers, freelancers and service exporters- Argentines prefer digital dollars or stablecoins when collecting their fees.
The most chosen is USDC, the second is USDT and the third is DAI. Unlike other countries like the United States, where the first option is Bitcoin and the second Eth.
“For Bitwage, Argentina is a very important country, not only because of the growth in recent years, but also because we feel that here we solve real problems, we give workers the freedom to do with the money -the fruit of their labor- whatever they want. ”, says Jonathan Chester, CEO of the company, which has seen Argentine users increase by 300% since the pandemic and that in December 2022, had the record for new users in Argentina.
“But also, now Argentines have an additional solution: receive their money in a local account, at a value close to the free dollar,” Chester adds enthusiastically.
Once they collect the fees agreed with their clients or employers in the foreign bank account provided by Bitwage, Bitwage will send the funds to Vibrant ‘s digital wallet , which is already integrated into the platform, in digital dollars in less than 24 hours. or stable cryptocurrencies (USDC Stellar) without the need to pay shipping fees (known as gas fee).
Then, the user can enter the data of a local bank account (CBU) and the wallet will allow them to exchange the USDC to Argentine pesos at a rate very close to the free dollar. The balance can remain in the Vibrant wallet in digital dollars without additional costs or maintenance.
“In the midst of Argentina’s challenging economic landscape, where official inflation rates have exceeded 100%, it has become increasingly difficult for people to save. The collaboration between Bitwage & Vibrant allows people to get paid in digital dollars for their international work more seamlessly and keep digital dollars in Vibrant to earn more rewards, send them to friends and family or convert them to local currency on the fly. who need it.” – Min Lin, general manager of Vibrant.