Bitso, a Mexican-based cryptocurrency exchange that focuses on Latam, has launched an initiative to allow Argentines use crypto for everyday purchases. QR payments will be available in the exchange's app. They will work with other platforms that use this method of payment in Argentina.
Bitso Looking to Drive Crypto Payments In Argentina
Bitso is expanding its focus to Argentina payments. It is one of the largest exchanges in Latam with over 5 million customers. It launched the first interoperable QR payments system in Argentina, hoping to encourage more Argentines using crypto as payment.
Customers from Argentina will be able use their balances in Argentine pesos or stablecoins to pay at merchants that have QR codes activated. Bitso will exchange these cryptocurrencies at the right exchange rate and send the merchant Argentine pesos depending on the currency.
Bitso plans to expand the initiative to other countries. Argentina was chosen as the first country to adopt QR payments due to its high adoption rate. According to Bitso, 59% of Argentines used QR payments last year, compared with 34% in Latam. These numbers will likely rise to more than 80% for Argentina next year.
Savings and Payments in One
The adverse effects of high inflation in Argentina are currently being felt. In August, Argentina registered a Consumer Price Index of nearly 80%. This is one of the highest levels in the region. According to projections, the CPI will rise to over 100 percent in December.
Argentines have also sought refuge in stablecoins after the currency's devaluation due to political turmoil. Bitso however wants Argentines combine the savings utility and payments capabilities of crypto to make it easier to use and avoid manual exchange.
Santiago Alvarado is the senior vice president of Bitso's product department.
This product is a crucial offering for Argentina because it protects users from adverse economic factors like currency devaluation and inflation. Bitso's mission is to make crypto more useful, in addition to providing financial opportunities to users.
All Argentine customers will see the product activated slowly starting September 27.
What are your thoughts on the launch of interoperable QR payment by Bitso Argentina? Leave a comment below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
To answer this question, we must first understand what precious metals are. Precious elements are those elements which have a high price relative to other commodities. They are therefore very attractive for investment and trading. Gold is today the most popular precious metal.
There are also many other precious metals such as platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is not affected by inflation or deflation.
In general, all precious metals have a tendency to go up with the market. That said, they do not always move in lockstep with each other. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. Because they are rare, they become more pricey and lose value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Can I keep a Gold ETF in a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
A traditional IRA allows contributions from both employee and employer. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity (IRA), is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs do not have to be taxable
What are the pros and cons of a gold IRA?
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn't require you to pay tax on interest earned. An IRA is a great option for those who want to save money, but don't want tax on any interest earned. However, there are also disadvantages to this type of investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do decide to withdraw funds from your IRA, you'll likely need to pay a penalty fee.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Many insurers require that you own at least one ounce of gold before you can make a claim. You might be required to buy insurance that covers losses up to $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers restrict the amount you can own in gold. Others allow you the freedom to choose your own weight.
You'll also need to decide whether to buy physical gold or futures contracts. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They let you set up a contract that has a specific expiration.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. It does offer coverage for natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs are not covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must keep your assets for as long you request.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. You should also specify how much you want to invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. After reviewing your application, the company will send you a confirmation mail.
A financial planner is a good idea when opening a gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Should You Buy or Sell Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Experts think this could change quickly. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some important things to remember if your goal is to invest in gold.
- First, consider whether or not you need the money you're saving for retirement. You can save money for retirement even if you don't invest in gold. The added protection that gold provides when you retire is a good option.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offer varying degrees of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. It is possible to lose your gold coins.
Don't buy gold unless you have done your research. Make sure to protect any gold you already own.
Do you need to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. You cannot recover any money you have invested. All your investments can be lost due to theft, fire or flood.
This type of loss can be avoided by investing in physical silver and gold coins. These items have been around for thousands of years and represent real value that cannot be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. There is also a risk in owning gold, as you must store it somewhere.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
cftc.gov
How To
The best place online to buy silver and gold
Before you can buy gold, it is important to understand its workings. It is a precious metal that is very similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
There are two types currently available: legal tender and bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They can't be exchanged in currency exchange systems. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. For every dollar spent, the buyer gets 1 gram of Gold.
You should also know where to buy your gold. There are a few options if you wish to buy gold directly from a dealer. First, your local currency shop is a good place to start. You can also go to a reputable website such as eBay. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers charge a 10% to 15% commission per transaction. A private seller will usually return less money than a coin shop and eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
You can also invest in gold physical. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks typically charge higher interest rates than pawn shops.
A third way to buy gold? Simply ask someone else! Selling gold is easy too. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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By: Sergio Goschenko
Title: Cryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina
Sourced From: news.bitcoin.com/cryptocurrency-exchange-bitso-launches-interoperable-qr-payments-in-argentina/
Published Date: Sat, 24 Sep 2022 08:30:20 +0000
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