Argentina’s Minister of Transport Luciano Verardo declared that public transport service would accept payments in Bitcoin. It would be through SUBE card for bus tickets.
Argentina is slowly adopting cryptocurrencies amid growing volatility in its currency market.
The country’s public transport agency has now allowed people to pay for bus and train tickets in Bitcoin.
The agency has entered with Bitex, a financial services provider driven by blockchain. People could recharge their SUBE (Unique Electronic Ticket System) cards with the cryptocurrency, according to an agreement.
More than seven million Argentines use SUBE card to travel on buses and trains, and the service is available in up to 37 major cities across the country. A new fintech technology company RapiPago also plans to offer a digital payment service for the SUBE platform.
Argentinien citizens can recharge SUBE cards in several authorized points at the urban level. Minister of Transport in Argentina Luciano Verardo has declared that cryptocurrencies will create “new possibilities for financial inclusion,” according to local media.
ATMs that buy and sell bitcoins are increasing in number across the country since Athena Bitcoin, a US company, launched an ATM in Buenos Aires last year. Subsequently, Odyssey Group, another US firm, pledged 150 ATMs.
Cryptocurrencies are not reliable, neither are they backed by central banks, and they are vulnerable to volatile fluctuations.
Therefore, it is possible that many people are still not incorporated into the use of these “new” technologies.
However, Argentina and Venezuela are using cryptocurrencies more often. Both countries have high inflation and economic problems. Their currencies are extremely volatile and unstable, even more than Bitcoin.