For one of the largest virtual currency operators, “those who save in cryptocurrencies want to stay in crypto”

Due to the high adoption of cryptocurrencies, Binance, the largest digital currency exchange platform in the world, chose Argentina as a test laboratory for its cryptocurrency card: It will be the first country in the region where the Binance Card, a plastic launched, is used in combination with Mastercard, which promises to bridge the gap between the digital economy and the traditional financial world.

“The Argentine public is quite anxious for the paper, “he said in dialogue with Clarione, Maximiliano Hinz, Binance Regional Director for Latin America. The plastic, available a few days ago in the country, was presented in a face-to-face event attended by more than 1,000 users of the exchange.

It is a prepaid card which, unlike similar initiatives from its competitors, cannot be financed with pesos.

“One of the differences we have is the cashback, since we offer up to 8% refund on purchase. It is a card that has the particularity of being recharged only with cryptocurrencies: you have crypto in the Binance account and use it to pay “, he explained and clarified:” It cannot be loaded with pesos, but the user who i want to buy cryptocurrencies with pesos you can use the P2P platform we have on our page “.

When asked about the target audience of this new product, Hinz assured: “Those who save in cryptocurrencies want to stay in cryptocurrencies. An incentive to use could be cashback. Another could be the ease of that of cryptocurrencies in the traditional economy” “for those who have that investment, have earned money and want to spend it. If someone is saving in cryptocurrencies, they can go to the supermarket and checkout and sell exactly what is needed for that purchase.”

the exchange It moves more than $ 20 billion a day globally. Despite the volatility of cryptocurrencies this year and facing the weakness of the weight locally, Hinz noted that the number of users of the platform is maintaining its growth rate. “Users haven’t run away, we haven’t seen a large loss of users, which gives us the idea that they are more and more educated,” she said.

At the same time, he added: “Argentina is a country that has a fairly large number of cryptocurrency users, not just on Binance. There are reports that 80% of Argentines have interacted with cryptocurrencies in some way, and this is a very high number compared to what is seen in other countries. “

Although many of the cryptocurrency operations are closely followed by local regulators, there is still no legal framework for this type of asset in Argentina. Initiatives by private banks to offer their customers the purchase and sale of cryptocurrencies were also rejected this year by the Central Bank, which issued a joint statement with the National Securities Commission warning of the “risks” of operate with them.

In this regard, Hinz stated: “Today we are the most regulated stock exchange in the world. In Argentina, as there is still no regulation for cryptocurrencies, we don’t have a better relationship with its regulators. We are open to actively collaborating with all of them. Our work is in education, not only for users, but also for regulators, where we can explain to them the benefits that the crypto ecosystem brings. “

Regarding his relationship with banks, the Binance executive explained: “I see them as strategic allies. In Colombia we are working in the Sandbox with Banco Davivienda, to offer the purchase of cryptocurrencies, but the idea is that all banks can offer this service What interests us as a company is that people have the freedom to choose.

Although he did not want to anticipate a price for bitcoin in the coming months, Hinz said: “After this correction, the most important thing for us is to focus on the financial education of our users. In the long term, we are witnessing widespread mass adoption. We believe that this is a technology that is here to stay, that is bringing about changes in all sectors, it is not just a financial asset. ”