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 one of the most interoperable QR payment system in Argentina, hoping to attract more Argentines who use crypto to pay.
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.
Combining savings with payments
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
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. Interest rates can also affect the gold price.
Gold prices are volatile due to their limited supply. You must also store physical gold somewhere to avoid the risk of it becoming stale.
Do You Need to Open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. You cannot recover any money you have invested. All your investments can be lost due to theft, fire or flood.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around thousands of years and are irreplaceable. These items are worth more today than they were when first produced.
Consider a reputable business that offers low rates and good products when opening an IRA. It’s also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
Remember that you will not see any returns unless you are retired if you open an Account. Don’t forget the future!
What precious metals could you invest in to retire?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one the oldest forms currency known to man. It is also extremely safe and stable. Because of this, it’s considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has always been popular among investors. It’s an ideal choice for those who prefer to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium is another precious metal that is becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It is however more expensive than its counterparts.
Rhodium: The catalytic converters use Rhodium. It’s also used in jewelry making. It is relatively affordable when compared to other types.
Palladium: Palladium is similar to platinum, but it’s less rare. It’s also much more affordable. For these reasons, it’s become a favorite among investors looking to add precious metals to their portfolios.
What are the benefits of having a gold IRA?
The best way to save money for retirement is to place it in an Individual Retirement Account. It’s not subject to tax until you withdraw it. You can decide how much money you withdraw each year. And there are many different types of IRAs. Some are better for those who want to save money for college. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you’re planning to retire early, this type of account may make sense.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn’t require you to worry about taxation while you wait to get them. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. It means that you don’t have to remember to make deposits every month. To make sure you don’t miss any payments, you can also set up direct deductions.
Finally, the gold investment is among the most reliable. Because it’s not tied to any particular country, its value tends to remain steady. Even in times of economic turmoil gold prices tend to remain stable. Gold is a good option for protecting your savings from inflation.
Can I have a gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
An 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 can be made without tax.
How much should I contribute to my Roth IRA account?
Roth IRAs are retirement accounts that allow you to withdraw your money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the deposit amount originally made) is not transferable. No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
The second rule is that your earnings cannot be withheld without income tax. So, when you withdraw, you’ll pay taxes on those earnings. Let’s take, for example, $5,000 in annual Roth IRA contributions. Let’s say you earn $10,000 each year after contributing. This would mean that you would have to pay $3,500 in federal income tax. This leaves you with $6,500 remaining. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you’d still owe taxes on the remaining $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs, Roth and Traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You have the option to withdraw any amount from a traditional IRA.
A Roth IRA doesn’t allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal requirement, unlike traditional IRAs. It doesn’t matter if you are 70 1/2 or older before you withdraw your contribution.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
cftc.gov
finance.yahoo.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
How To
Gold Roth IRA guidelines
Start saving as soon as possible to save for your retirement. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. You must contribute enough each year to ensure that you have adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. This makes them great options for people who don’t have access to employer matching funds.
Savings should be done consistently and regularly over time. If you don’t contribute the maximum amount, you will miss any tax benefits.
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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
