Argentina Settles Export Deal With Paraguay Using Bitcoin

Argentina settles agricultural chemicals export deal worth $7,100 with Paraguay, accepts payment in Bitcoin.
Argentina has settled an export deal with Paraguay in Bitcoin (BTC), Cointelegraph en Español reported on Thursday, Feb. 14.In a reported first for both countries, Paraguay has bought pesticides and fumigation products  worth $7,100 from Argentina, using cryptocurrency to settle the deal. The purchase was paid for in and then converted into Argentine to settle accounts with the exporter of the agricultural chemicals.To proceed with the payments, Argentina applied to Bitex — a Latin American financial services provider that supports Bitcoin .According to the chief marketing office of Bitex, Manuel Beaudroit, the company is a part of the Argentine ’s program Exporta Simple, which facilitates the export of goods and services worth less than $15,000. Bitex, in its turn, aims to make cross-border for such deals more efficient.As Cointelegraph reported, Bitex previously participated in a crypto project initiated by Argentine bank Masventas. In May 2018, Masventas announced it was considering creating an alternative to the SWIFT payment system used between globally. Bitex was appointed to provide the necessary ecosystem for supporting transactions.In other news for Argentina, this month, the country’s official state transport card SUBE (Sistema Único de Boleto Electrónico) — used by over seven million people in 37 locations — has started accepting BTC.Meanwhile in Paraguay, blockchain firm and manufacturer Bitfury partnered with South Korean peer-to-peer knowledge commons research firm, Commons Foundation, to launch several mining facilities in the country.

This post was syndicated from https://cointelegraph.com/news/argentina-settles-export-deal-with-paraguay-using-bitcoin and originally written by our friends Ana Berman at https://cointelegraph.com/feed
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