Major cryptocurrency exchange Binance has partnered with Mastercard to launch a prepaid card for residents of Argentina.

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In Thursday’s announcement, Binance said The card will allow its customers in Argentina to use bitcoin (BTC), BNB and other cryptocurrencies to make purchases, as well as to withdraw funds from ATMs in fiat currencies, wherever Mastercard is accepted – approximately 90 million merchants worldwide and online. Argentine cardholders can also receive up to 8% back in crypto from certain purchases.

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According to Binance, the introduction of the card, which is expected to be “widely available in the coming weeks,” was part of the company’s efforts to further the global adoption of the cryptocurrency. Residents of Argentina will be the first in the region to get access to the cards, but the crypto exchange announced a similar initiative for Binance users in Ukraine in April and for the European Economic Area in 2020.

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“Payments is one of the first and most obvious use cases for cryptocurrencies, but there is a lot of room for adoption to grow,” said Maximiliano Hinz, CEO of Binance Latin America. “By using the Binance card, merchants continue to receive fiat money. and users pay with the cryptocurrency of their choice.”

The card requires Argentines to have a valid national ID or National identity document. Similar requirements are already in place for credit cards issued by local crypto exchanges. In 2021, Lemon Card launched a card with Visa offering 2% BTC back for Argentinian users, while Buenbit and Belo partnered with Mastercard to issue a prepaid card and a cryptocurrency reward card, respectively.

Argentina confiscates cryptocurrency wallets linked to tax evaders

Despite the recent downturn in the market, reports suggest that many Argentines can still turn to cryptocurrencies. According to the Americas Market Intelligence report for April, researchers found that “cryptopenetration” in Argentina reached 12% – about twice as much as in Peru and Mexico.