Paraguay bought pesticides and fumigation products worth $7,100 from Argentina using Bitcoin. Latin America has recently seen a surge of crypto usage as bad governance and hyperinflation has left citizens with no choice.
In a landmark event, Paraguay has bought pesticides and fumigation products worth $7,100 from Argentina using Bitcoin. The Bitcoin was then converted into Argentine peso to pay off the agricultural chemicals. These payments were made via Bitex, a Latin American financial services provider.
This is the latest in the series of mainstream crypto-usage coming out of Latin America. The region as a whole has been suffering from hyperinflation and lousy governance and has looked to cryptocurrencies as a way of escaping financial tyranny from their governments. As reported by FX Street, Venezuela’s weekly trading volume exceeded 2,000 Bitcoins and hits record highs way back on February 6th. FX Street also reported that the Bitfury Foundation and South Korean R&D group, Commons Foundation, are collaborating to launch Bitcoin mining centers in Paraguay.