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Crypto on the transfer market – Argentinian football club can make transfers thanks to stablecoin

 


The poor economic situation in Argentina, which has led to a massive devaluation of the local currency, is of course also affecting football, but cryptocurrencies are now providing a remedy here for the first time.


For example, the transfer of soccer player Giuliano Galoppo from Argentina's Atlético Banfield to Brazil's Sao Paulo Futebol Clube was handled in the form of USD Coin ( USDC ) stablecoin, with the actual transfer fee ranging from $6 million to $8 million, depending on the exchange rate amounts. As the news portal Ambito reports , the transfer was carried out with the help of the Mexican crypto exchange Bitso.


"We are proud to have made this important move for Sao Paulo with the two clubs and to have provided the necessary security, transparency and flexibility that cryptocurrencies can offer," said Bitso Brasil Director Thales Freitas in explained in this context.


The transfer comes at a time when it is quite difficult for Argentinian football clubs to make new commitments as the exchange rate between the Argentine peso and the US dollar is skyrocketing making it all the more difficult for the clubs Buy or sell players.


The poor economic situation in the country has already led to a broad adoption of cryptocurrencies, especially stablecoins. Recently, the (value) stable cryptocurrencies in particular have gained in popularity again after the Argentine Minister for Economic Affairs resigned at the beginning of the month.


It remains to be seen whether the processing of transfers using cryptocurrencies will become established in the future, because in the present case, according to the country's central bank, the Argentine club Banfield is obliged to convert the transfer fee received in USDC into pesos as soon as possible.

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