Argentina regulates the goods sold with Paraguay with the help of bitcoins

At a first interesting event, Argentina and Paraguay have used bitcoin to settle a payment transaction for an export contract between countries, according to a local press briefing.

The two South American countries have used the world's most popular cryptocurrency to finalize Paraguay's purchase of pesticides and fumigants in Argentina. Paraguay has paid an estimated $ 7.1 billion in Bitcoins to complete this transaction. The Bitcoin payment was instantaneously converted into Argentine pesos thanks to Bitex, a financial services provider that supports Bitcoin payment.

According to the local report,

"The service is always quoted in local currency. In this case, Bitcoin is only one way to process the payment. The exporter receives pesos or Argentine dollars and the buyer pays in local currency. "

Marcelo Moscatelli, commercial director of Bitex, recently said that industry competitors, Swift, are creating fixed costs that are much better suited to large players who transfer large amounts in cross-border transactions. The costly mark-up fees for currency conversion in cross-border transactions are also a percentage of the amount transferred

Although, for much smaller or medium sized companies, Bitex is definitely the best choice. The platform will charge its users a total of 0.5% for transactions and will offer an essential value proposition: speed. This payment can be finalized in one hour, avoiding traditional delays that can take three days to the regulations.

Founded in 2014, this Argentina-based fintech was developed to handle the market segment with lower payments ranging from $ 150 to $ 5,000. For Argentine-based companies, Bitex is able to facilitate Bitcoin payments with suppliers located in Australia, Brazil, Chile, China, Paraguay, Uruguay, Mexico and the United States.

Bitex was also known to have already participated in a cryptography project initiated by the Argentine bank Masventas. In May 2018, Masventas announced its intention to develop an alternative to the SWIFT payment system used by global financial institutions. Bitex has been designated to provide the ecosystem needed to support bitcoin transactions.