Argentina’s bitcoin economy is booming, and SatoshiTango has a front row seat. SatoshiTango (ST) is one of Argentina’s most popular digital currency marketplaces. In the early days, the exchange allowed consumers to obtain bitcoin via prepaid cards that were redeemable on their platform. Since then, ST has expanded its payment option offering to include several funding methods (e.g. PagoFacil, RapiPago, BaproPagos).
“You can now buy and sell bitcoins with Argentine pesos, safely and easily.” – satoshitango.com
Matías Bari, CEO of SatoshiTango, took a keen interest in digital currencies in early 2013. He was so impressed with the concept of cryptographic digital money, that he and a close friend decided to launch their own cryptocurrency exchange. Running a bitcoin exchange in Argentina’s battered economy is not for the faint of heart. Frustration and technical obstacles, were just a few of the issues Bari had to deal with in his quest to build a fully functioning and secure platform.
Argentina, like many other countries, does not currently have any explicit rules/legislation regarding digital currencies. Such an environment has created very favorable conditions for bitcoin-related ventures such as SatoshiTango, but that will not last forever. Bari understand this fact, but is hopeful the authorities in Argentina will see bitcoin as a job-creator and an economic stimulant, rather than as a threat that must be squashed.
Bari also sees great potential in bitcoin in the remittance market. Clients of SatoshiTango have the option of sending international cash transfers via Coinnect, a payment network that uses Bitcoin’s blockchain to transfer value. Coinnect essentially gives ordinary folk a cheap and quick way to send cash without needing any understanding of bitcoin technology. The Coinnect system is currently operated by SatoshiTango and Volabit, a Mexican bitcoin exchange. SatoshiTango has big plans for expanding the Connect network to other countries in Europe and Asia.
Despite the rapid growth of bitcoin use and awareness in Argentina, the majority of the population is still in the dark about the benefits of digital currencies. However, Argentinians harbour a very skeptical attitude towards the established financial system, following the numerous currency crises the country has had to endure over the past several decades. This inherent distrust of the legacy financial system is what Matías Bari believes will propel bitcoin into a mainstream phenomena in Argentina.
SatoshiTango is currently one of the top bitcoin exchanges in Argentina by volume, and Matías Bari has big plans for the addition of many other services that will place his exchange at the forefront of Argentina’s ballooning digital currency economy.