Bitso, a Mexican-based cryptocurrency exchange that focuses on Latam, has launched an initiative to allow Argentines use crypto for everyday purchases. QR payments will be available in the exchange's app. They will work with other platforms that use this method of payment in Argentina.
Bitso Looking to Drive Crypto Payments In Argentina
Bitso is expanding its focus to Argentina payments. It is one of the largest exchanges in Latam with over 5 million customers. It launched the first interoperable QR payments system in Argentina, in an effort to encourage more Argentines using crypto to pay.
Customers from Argentina will be able use their balances in Argentine pesos or stablecoins to pay at merchants that have QR codes activated. Bitso will exchange these cryptocurrencies at the right exchange rate and send the merchant Argentine pesos depending on the currency.
Bitso plans to expand the initiative to other countries. Argentina was chosen as the first country to adopt QR payments due to its high adoption rate. According to Bitso, 59% of Argentines used QR payments last year, compared with 34% in Latam. These numbers will likely rise to more than 80% for Argentina next year.
Combining savings with payments
The adverse effects of high inflation in Argentina are currently being felt. In August, Argentina registered a Consumer Price Index of nearly 80%. This is one of the highest levels in the region. According to projections, the CPI will rise to over 100 percent in December.
Argentines have also sought refuge in stablecoins after the currency's devaluation due to political turmoil. Bitso however wants Argentines combine the savings utility and payments capabilities of crypto to make it easier to use and avoid manual exchange.
Santiago Alvarado is the senior vice president of Bitso's product department.
This product is a crucial offering for Argentina because it protects users from adverse economic factors like currency devaluation and inflation. Bitso's mission is to make crypto more useful, in addition to providing financial opportunities to users.
All Argentine customers will see the product activated slowly starting September 27.
What are your thoughts on the launch of interoperable QR payment by Bitso Argentina? Leave a comment below.
Frequently Asked Questions
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. Interest rates can also affect the gold price.
Due to limited supplies, gold prices are subject to volatility. Physical gold is not always in stock.
Do you need to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There are no ways to recover the money you lost in an investment. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These coins have been around for thousands and represent a real asset that can never be lost. They are likely to fetch more today than the price you paid for them in their original form.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Do not open an account unless you're ready to retire. Keep your eyes open for the future.
What Is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion is often used for precious metals. Bullion refers actually to the metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This means you'll receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. You also have unlimited access to your funds whenever and wherever you wish.
How does a Gold IRA account work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase physical bullion gold coins at any point in time. You don't have to wait until retirement to start investing in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. You won't have to pay taxes on your gold investments when you die.
Your gold is passed to your heirs without capital gains tax. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit is $1,000. If you make more, however, you will get a higher interest rate.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. Otherwise, you'll face steep financial consequences.
Can I own a gold ETF inside a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
You can also get an Individual Retirement Annuity, or IRA. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs don't have to be taxable
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
investopedia.com
cftc.gov
bbb.org
How To
A growing trend: Gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. Investors can use the gold IRA for protection against inflation and potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.
Investors who seek financial stability and a safe haven are finding the gold IRA increasingly attractive.
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By: Sergio Goschenko
Title: Cryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina
Sourced From: news.bitcoin.com/cryptocurrency-exchange-bitso-launches-interoperable-qr-payments-in-argentina/
Published Date: Sat, 24 Sep 2022 08:30:20 +0000
