Developments

The State Transport in Argentina uses Bitcoin

Argentina public transport ready for Bitcoin

Citizens of Argentina can now pay with their bitcoins at the public state transport stations, the Sistema Único de Boleto Electrónico(SUBE).

This was made possible by the Alto Viaje a platform which will be used to top-up a commuters SUBE card. In order to accomplish this, the company also entered into a partnership with the Bitex company.

Bitex is a Blockchain-based platform that offers financial services together with other businesses. According to sources the SUBE card will be used by almost 7 million different commuters across more than 37 locations in Argentina.

This will include the railways, bus stops and subway transporting system. The CMO of Bitex, Manuel Beaudroit also pointed out that the statistics emphasized that such a large scale user base was the perfect location for this kind of support, with the world’s largest cryptocurrency.

According to Beaudroit, the objective of the partnership was in order to provide people with great access to such a revolutionary technology like Bitcoin has shown over the years.

The SUBE’s Alto Viaje platform through which the transport cards are topped up, is backed by Argentina’s Nacion Servicios SA, which is a subsidiary from the central bank in Argentina, the Banco de la Nación Argentina.

Argentina has had a lot of developments going on in the cryptocurrency space since last year. The economic crisis in the country has pushed the population to invest heavily in the development of cryptocurrencies.

Even after the notorious volatility witnessed in the market, the digital token ecosystem has offered a less riskier type of money to holders as inflation in the country continues its upward trend as usual.

Supporting the development of Bitcoin as a means of payment at the state level, has sent indications to authorities who have realised the benefits of implementing cryptocurrencies.

Afbeeldingsresultaat voor bitcoin in argentina public transport no copyrights

According to comments coming from the Blockchain voting project that goes by the name Democracy Earth, Santiago Siri the developer for the project has suggested that the central bank of Argentina should have atleast 1% of Bitcoins in its national reserves.

The crypto trading platform, LocalBitcoins later saw trade volume from Argentina increase in 2018, with a jump from 13% to 33,153%, which was a tremendous 2550 times increase.

What are your option of this development going in the transport system with Bitcoin? Feel free to leave your comments down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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