A recent report on Argentina stated that self-employment (FreeLancer) is experiencing a great recovery period, and the report also added that Argentines are among the workers in the region who use cryptocurrencies more actively to obtain part of their salary.
The report also states, that workers who accept their salaries in cryptocurrency. They prefer traditional cryptocurrencies such as Ether and Bitcoin, which together account for nearly 90% of payments in cryptocurrency.
It is clear that entrepreneurship is taking a quantum leap in Argentina, by relying on it as a means of payment outside the traditional financial system.
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In the same vein, a report titled “The State of Global Employment 2021,” presented by global recruitment company Deel, found that Argentines, and LATAM employees in general, are increasingly focusing on international companies and jobs.
The report also states that this is likely a result of the decline in local economies and jobs due to the effects caused by the Covid-19 pandemic. However, companies are hiring more Argentines than ever before. This has led to an increase in the wages of Argentines in the past six months, who earn 21% more than working in marketing, product, and sales.
In addition, cryptocurrency withdrawals for these salaries have boomed. COO Dale Dan Westgarth added:
“We are seeing an increase in cryptocurrency withdrawals, in countries like Argentina. We are currently offering
Withdrawals in BTC, the most popular in Latin America as well as both currencies
ETH, USDC, and SOLANA through Coinbase.”
Bitcoin is also the most used cryptocurrency for withdrawals, with about 63% of transactions used, and according to Deel’s report, Ethereum comes in second place. It is found in 23% of withdrawals. USDC, Solana, and Dash are also used marginally.
Cryptocurrency is a lifeline
Although many countries still take different legal positions on cryptocurrency, this is different in Argentina. Receiving cryptocurrencies has become a lifeline for many self-employed, thus helping them to maintain their purchasing power in a more efficient manner.
He also believes that independent work platforms that stand by cryptocurrency will open up new markets for these workers, who can now be hired on a global level through a simplified payment process.
On the other hand, Argentina is currently making efforts to regulate and control digital wallets, as its central bank is proposing to strengthen procedures and prepare new regulations that service providers such as Pago Mercado and Uala have to take regarding KYC.