Although The possibility of operating without restrictions in foreign currency in Argentina is still a promiseoptions are already beginning to emerge in the country to be able to credit dollars from abroad and make shipments to any part of the world without stops. Although many of these are based on blockchain technology, banks also have expectations for the moment when they can operate again without restrictions with the US currency.
The crypto app Belo presented this week a solution to send and receive dollar transfers directly into your users’ wallets. For this it will be based on ACH (Automated Clearing House) digital payment technology. Is about a network used in the United States both in banks and in virtual wallets, such as Paypal or Venmo.
“This measure is a substantial change for workers based in Latin America who earn income from the United States, as it simplifies the payment process, eliminates intermediaries and provides a fluid and efficient way to manage their finances. All in one place,” they explained. in the Argentine company that already operates in eight countries in the region, which also include Bolivia, Brazil, Chile, Colombia, Mexico, Panama, Peru and Uruguay.
This functionality allows you to receive money from personal accounts located in the United States as well as from digital platforms such as Deel, Airbnb, YouTube, Upwork, Hotmart, among other. The company highlighted that once the funds are credited to the wallets, users can use them freely: exchange the coins, make purchases in physical or virtual stores with their Belo Mastercard or withdraw the money to a local bank account in their currency. native in 14 countries in the region.
It is estimated that in Argentina there are at least half a million people who work freelance for foreign companies. “Latin American freelancers now have a single place to receive payments from the United States in a simple way. We are committed to providing the most time- and cost-efficient solution for this growing segment, which has the potential to transform the socioeconomic landscape of the region. Previously forgotten, today they have a powerful tool to be leaders of change at a global level,” declared Manuel Beaudroit, co-founder and CEO of Belo.
For its part, the crypto-based financial services company Bitso, aims to grow its vertical cross-border payments supported by blockchain technology. Gabriele Zuliani, Commercial Director of Bitso Business, said: “The use of this technology is revolutionizing the way in which companies manage their international payments and transfers. Blockchain payment infrastructure offers an efficient and secure alternative to conventional methods. traditional, allowing companies to optimize their financial processes and improve their competitiveness in the market.
Zuliani added that payment infrastructure providers leveraging blockchain-based technology are gaining popularity among companies across industries thanks to the autonomy, stability and efficiency of this payment network, compared to traditional channels. “We could say that blockchain-based infrastructure is becoming the great payment network of the future, equally benefiting companies, startups or large companies that want to expand their business globally and conquer new markets,” he commented.
In traditional banking there is also an expectation because the current restrictions are released and they can allow their clients to make unlimited dollar transfers, although within the borders. According to the latest Retail Payments Report from the Central Bank, in April the transfers in foreign currency grew by 193% in quantity compared to what was seen a year ago: 95% of these were made in dollars.
Two weeks ago, the Central Bank modified the opening requirements for savings banks in foreign currency and equated them with those necessary to open a savings bank in pesos. This caused some confusion: a leading bank announced to its clients that they would be able to transfer dollars without limits and then had to retract it. The entities are already beginning to adapt their systems for when the Government of Javier Milei finally moves towards currency competition.
