Binance launches prepaid Mastercard in Argentina

jlynch

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this is going from binance/crypto via credential payments (argentina) to fiat. The big question is what peso exchange rate from crypto will be used in the conversion?

Not sure it will have much uptake as binance is outside remit of Argentina, but cards issued for use in Argentina are with DNI to AFIP
 

jblaze5779

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I believe it sells crypto in the moment you make the purchase. Similar to the lemon cash card.

Many people here use binance.

Arg is going to have hell with crypto here because it allows the avg person an alternative to pesos.
 

IamWaldo

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I believe it sells crypto in the moment you make the purchase. Similar to the lemon cash card.

Many people here use binance.

Arg is going to have hell with crypto here because it allows the avg person an alternative to pesos.
It allows you to charge it with crypto, but also allows you to use USDT which is nothing more than the digital form of USD.
 

jblaze5779

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It allows you to charge it with crypto, but also allows you to use USDT which is nothing more than the digital form of USD.
Which is good because your average Joe can now buy 10 usdt VS having to save for a 100usd bill. As in he is no longer forced to accept and use pesos.

A lot of people can't afford a 100usd bill but all can afford usdt. Plus Joe can break and sell on demand (for groceries or whatever) VS having to break a 100usd then start being exposed to ars inflation.

Finally your average argentino has the same protection from inflation that only the rich previously had. Wonder what these politicians will do next to try and cram the use of pesos down people's throats...
 

lunar

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IamWaldo

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Reply Guy

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Jblaze makes a good point, but there are some risks to the USD stablecoins too.

USDT is Tether, which there are questions about if they have all the money backing it. It runs native on Ethereum.

USDD is an algorithmic stablecoin by Tron that has the same mechanisms as Terra (UST) the one that blew up some months ago. I wouldn't touch it.

USDC is a stablecoin by Circle and is fully regulated / audited. Not that it doesn't have a risk of blowing up too, but maybe a little more trustworthy.
 

jblaze5779

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Jblaze makes a good point, but there are some risks to the USD stablecoins too.

USDT is Tether, which there are questions about if they have all the money backing it. It runs native on Ethereum.

USDD is an algorithmic stablecoin by Tron that has the same mechanisms as Terra (UST) the one that blew up some months ago. I wouldn't touch it.

USDC is a stablecoin by Circle and is fully regulated / audited. Not that it doesn't have a risk of blowing up too, but maybe a little more trustworthy.
Yes you are right there are risks with these coins. But also the alternative has a guaranteed risk... So kinda pick your poison.

Also if you wanted to you could save usdt while you save enough to exchange for a 100usd bill.

So either way it's a good tool.
 

arvest

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USDC is backed by Circle and Coinbase. It has monthly attestations from an accounting firm that each token is backed 1:1 by a real dollar sitting in a bank account. This is as good as it gets in the Crypto industry.

Algorithmically backed stablecoins I would not touch with a 10 ft pole if you need some kind of savings mechanism.
 
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