Initially, in order to move forward with the planned trade, Argentina entered into an agreement with Bitex, a Latin America based cryptocurrency service provider. Manuel Beaudroit, Chief Marketing Strategist at Bitex pointed out that the company has already joined Argentine government’s program Exporta Simple, which backs the shipment of goods and services worth less than $15,000.
Notably, Bitex had earlier joined a crypto venture started by Argentine bank Masventas. In May 2018, the bank stated that it was looking at the option of creating a replacement to the SWIFT payment network used between banks across the world. Bitex was assigned the job of creating an ecosystem that supports BTC transactions.
A week before Argentina’s official state transport card Sistema Único de Boleto Electrónico (SUBE) entered into a partnership with Bitex in order to facilitate topping up of travel cards with Bitcoin.
In Paraguay, Bitfury, a well-known blockchain and Bitcoin mining firm, has inked a deal with South Korean P2P firm, Commons Foundation, to establish multiple mining centers in the country.