Bitcoin service provider Bitpay opens LATAM headquarters in Argentina

Thursday 6 March 2014 10:17 CET | News

Bitpay, a Bitcoin payment service provider, has settled its Latin American headquarters in Argentina.

The organization is located in the Bitcoin Embassy, along with several other local Bitcoin companies such as the FundaciĆ³n Bitcoin Argentina, an organization which aims to promote and develop technological, economic and legal solutions for use in the digital economy.

A range of businesses in the country now accept Bitcoin, including car rental companies and hotels.

In the latest of a series of shocks to its currency system, the ARS plunged by around 17% against the USD in January 2014, and the central bank limited its intervention in the market to preserve its international reserves.

Just days before, the government announced that it had lifted restrictions on the acquisition of USD for saving purposes, which had been banned since July 2012.

Bitcoin is a form of digital currency that only exists online and is not controlled by any central financial authority, putting the control of the currency in the hands of the user. It allows people to transfer value to anyone, anywhere on the internet, without the traditional fees, commissions or currency exchange rates.

In recent news, the Japanese government has revealed plans to set rules for trading Bitcoin, including imposing taxes on transactions with the virtual currency, which will become the guideline applicable to similar currencies.


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Keywords: Bitcoin, Argentina, Latin America, BitPay, digital, currency, online, payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce