Gallop poses with his new shirt: the first male footballer in the region sold with cryptocurrencies. Press photo San Paolo
New technologies are advancing on football and not only due to the arrival of the VAR. They also anticipate wire transfers and forms of payment. It has long been known that there are no suitcases full of money. And no tickets. They are all bank transfers. All? No … You just need to know how the operation went The passage of Giuliano Galoppo from Banfield to the San Pablo. Cryptocurrencies were used for the first time. This is something unprecedented on a continental level.
The transaction, which involved one of the best football players in the local environment, was the closest thing to a virtual wallet transfer. The mechanism, it seems, is simple: each interested party opens an account on a platform, and the buyer deposits conventional money on a platform so that the buyer can see his credit.
This is how, with a single click, the Brazilian club deposited 8 million dollars and bought a virtual currency which was transferred with the next touch of the right mouse button. In the subsequent acceptance sealed the acquisition of the Argentine reinforcement. Click, box.
cryptocurrencies
What are cryptocurrencies? If understanding the concept of the currency basket and its equilibrium in a country’s economy may seem like the normalization of an entelechy, the parallel universe that the supply of cryptocurrency, you can have Estanciero bills charged directly at market value. And in the middle there are also the famous Ponzi schemes with the virtual currency as a hook.
The liquidity of conventional currencies has a physical and virtual path: from one bank to another in the transport of flows and between users who exchange colored cards of different denominations that are registered with invoices, tickets, electronic or virtual debit path, ATM automatic or home banking.
All of this has a banking record on which taxes are calculated, among other aspects. The change of owner of a virtual currency is also recorded, but in another register – even virtual – in which no third parties participate, but only interested parties. There are no commissions to pay, at least on the first click.
The first profit of the two clubs is that, the conventional market commissions that are saved. On other occasions, that engineering required a triangulation that bordered on the spurious: until the end of the last decade, many footballers had spent hours at some club in Chile or Uruguay before their final destination.
Gallop poses with his new shirt: the first male footballer in the region sold with cryptocurrencies. Press photo San Paolo
There are more cryptocurrencies than official currencies in the world. The ones used by San Pablo and Banfield are called USD Stablecoin and each share has the value of one dollar, the same as the dollar convertible peso of the Ménem-Cavallo duo.
Upon hearing the news, the Central Bank of the Argentine Republic (BCRA) has hinted that Banfield will not be exempt from any tax when the amount becomes liquid. But there are other possibilities that make cryptocurrencies more alluring than its marketing perks and commission-free nature.
Where did the Drill set up his “wallet” to receive the crypto? If the account is not in Argentina, the BCRA – in principle – would not have any interference. In addition, Stablecoin USD is not considered a foreign currency, so the Argentine exchange rules do not apply, which require, in this case, the selling club, to enter the currencies in the market to be weighed at the official exchange value.
And what will happen if the Buenos Aires club needs liquidity and changes its cryptocurrencies to pay in dollars? First you need to find someone interested in your digital currencies. If you find it, it could be PayPal or a natural person, Banfield will transfer the sold amount and receive the buyer’s money in a conventional account. There you will pay taxes to justify that money … Unless the account is in a bank in another country.
Where did you set up your Banfield account? The club, consulted by Clarín, will not yet provide details of the operation: both San Pablo and Bitso have come forward in the communication. But they ensure that they will have the details available shortly.
Why did they choose cryptocurrencies?
They do it in cryptocurrency for a marketing issue: the three parties have been affected by a wider diffusion than the conventional one. It is the second operation of this type. The first was in women’s football: at the beginning of the year, Brazilian Stafanny Ferrer moved from Tigres de México to Angel City, in the United States, with a similar operation.
“If you compare this time with the Internet of the 90s, it is something like this. Back then the Internet was a novelty, few used it and today we are 100 percent used to it. We have the vision that cryptocurrencies will be in the day to day of the people of the future. People will be used to this type of transaction and transfers such as Gallop or Ferrer will be the most common “, explained Bitso CEO Thales Freitas talking to La Radio rossa.
Source: Clarin
