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Crypto, Blockchain Progress Continues in Argentina, Venezuela, Ecuador

Adoption Argentina

Blockchain

Cryptocurrency Venezuela

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Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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Cryptocurrency prices may be falling, but Bitcoin, altcoins and blockchain technology are still trying to gather momentum in Latin America.

Reports from Argentina continue to claim that citizens are flocking to bitcoin as an alternative to the fast-depreciating peso – a phenomenon that has reportedly accelerated in the wake of last weekend’s general election primaries.

Crypto traders in the country are still being forced to pay a premium for BTC, and one report claimed that some crypto users in Argentina believe that “bitcoin is better than gold, silver, or any other goods” as it is “easier to sell and trade.”

Even outspoken crypto advocate Andreas Antonopoulos chimed in.

However, as reported by Cryptonews.com, some believe that reports of Argentine Bitcoin fever may have been exaggerated – stating that a lack of liquidity has been causing price rises on Argentinian crypto exchanges, rather than the falling peso. As trader and economist Alex Krüger stressed earlier this week, bitcoin awareness in Argentina is extremely low.

Elsewhere, Dash claims that a project that allows Venezuelan shoppers to pay for parking at a mall in its cryptocurrency is outstripping fiat parking payments.

Dash states that “to date, 697 payments have been recorded since July 15” at the Milllenium Mall in eastern Caracas, and that “20% of the shopping mall’s merchants have integrated Dash or are seeking to set up Dash payments.”
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The company claims that it has also seen 1,174 Dash-powered purchases take place “in stores across Colombia and parts of Venezuela” using its point-of-sale system since mid-July.

However, a recent report says that despite claims by Ryan Taylor, CEO of Dashpay, dash isn’t really the ‘most used’ crypto in Venezuela. In 2018, 80% of merchants in Venezuela reportedly accepted dash, however, the statistic is getting significantly lower following its first audit by Discover Dash, Coindesk reported, without providing any specific numbers.

And also in the region, Ecuadorean shrimp producers are set to join the blockchain food revolution. News outlet Mispeces reports that companies Songa, Omarsa, Santa Priscila and Promariscos have joined the IBM Food Trust Platform.

The project’s operators say the move will allow customers in “Germany, Spain, Italy, Holland, Greece, China and the United States” trace shrimp products throughout the entire farming, harvesting and packaging process.

The project has also won the support of the country’s National Chamber of Aquaculture – which represents Ecuador’s 1.07 million-tonne fisheries industry – and the international Sustainable Shrimp Partnership.