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Contxto – Who knew that US$7,100 worth of pesticides and fumigation products could be purchased with cryptocurrency? It sounds a little far-fetched, right?
Well, Paraguay just pulled this off with neighboring Argentina. It may be one of the most bizarre yet fascinating trade deals we have ever seen at Contxto.
How was this possible?
According to Cointelegraph from February 14, Argentina and Paraguay negotiated an agricultural export deal using Bitcoin (BTC). Following suit, the chemical exporter converted the digital funds into Argentine pesos with help from Latin American financial service Bitex.
Previously, Bitex helped Argentina bank Masventas set up a BTC transaction software. The venture is part of an Argentine government agency called
In pursuit of more efficiency, officials hope the adoption of cryptocurrencies results in more streamlined cross-border exchanges. Not only will international business never be the same, but also diplomacy. Truly, what a world.
What else can cryptocurrency buy?
Argentina’s national transportation system (used by more than seven million people in 37 localities) can now use cryptocurrency to cover transit costs.
In Paraguay, U.S. firm Bitfury also plans to implement bitcoin-operated mining projects in the often forgotten South American country. This will be a major collaboration South Korea’s Commons Foundation and the “largest full-service blockchain technology company in the world.”
Bitfury announced this plan on January 31, 2019, as part of the “Golden Goose” project to augment cryptocurrency and blockchain technology across Latin America. As stated in a company press release, the two enterprises will oversee the construction of processing sites equipped with Bitfury’s “BlockBox AC” devices.
To ensure clean energy usage, officials intend to power the mines via two major hydroelectric power plants, Itaipu and Yacyreta.
Let’s face it, cryptocurrencies are complicated and misunderstood by many. Seeing that they are capable of purchasing tangible goods and services, however, should inspire different opinions. This is what I hope for, at least.
If nations can use virtual currencies to facilitate trade deals, then what’s stopping cryptocurrencies from allowing consumers to purchase everyday necessities? One way or another, it’s most likely a matter of time until this changes. For the time being, get saving!