Friday, December 13, 2019

Bitcoin Used To Settle Export Deal between Argentina and Paraguay

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

A recent report has revealed that an export deal between Argentina and Paraguay has been settled with the use of Bitcoin (BTC).

According to the report, certain chemicals were purchased by Paraguay, specifically pesticides and fumigation products, from Argentina valued at $7,100 and to settle the deal; the king of cryptocurrency was used. To render payment, Paraguay did so in Bitcoin (BTC) which was later changed to Argentine Peso to settle the exporter of the agricultural chemicals.

Bitex Facilitates Payment

For the payment to commence, the services of Bitex, a Latin American financial services provider that accepts payments made in bitcoin, was employed by Argentina.

Bitex is a blockchain technology project designed to increase the speed of transactions and to bring down the cost of commission associated with each transaction.

Bitex is already operational in eight countries with all necessary documents for full activity secured. The company is currently working to implement remote service and to further develop it without cross-border difficulties.

Mining Facilities to Be Launched In Paraguay

Manuel Beaudroit, the Chief Marketing Officer of Bitex, was quick to explain that the company is working together with the Argentine government in a program called Exporta Simple, which was started to make it easier for goods and services valued at less than $15,000 to be exported. On the part of Bitex, the company is adopting more ways to facilitate cross-border payments so that such deals may become more efficient.

This is not the first time Bitex will be participating in a government-related initiative. Bitex has also worked with the Argentine bank Masventas in a crypto project it initiated. In May 2018, Masventas stated that it was taking into account the creation of another option that would replace the SWIFT payment system which is used between different banks all over the world. Bitex was nominated to make available the essential ecosystem that will serve as a support for Bitcoin (BTC) transactions.

In yet another development for Argentina, SUBE (Sistema Único de Boleto Electrónico), the official state transport card used in the nation of Argentina, which is also used by more than seven million individuals in 37 locations, as at this month, has begun accepting Bitcoin (BTC).

largest crypto mining farm in paraguay

In the meantime, the nation of Paraguay will soon be receiving several mining facilities as a result of the partnership between Bitfury, a global blockchain tech company and Bitcoin mining producer and Commons Foundation, a South Korean peer-to-peer knowledge commons research company.

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