A coffee shop in Argentina has recently shared exciting news- a ten-fold increase in cryptocurrency payments in the last year. According to CrypStation, two out of their two Buenos Aires-based branches have seen customers pay for goods with digital currencies like Bitcoin (BTC) and Tether (USDT). Previously, in May 2022, when CrypStation first began processing payments via cryptocurrency, the store saw a mere 1.2% of customers using digital coins to pay their bills- a statistic that has seen a sharp and steady rise in the following 12 months. CrypStation has also expressed plans to open their first overseas shop in Viña del Mar, Chile, along with a co-working space and gym.

With regards to their customer base, the shop mentioned that almost 60% of transactions are made in USDT, followed by Bitcoin at 28%. The remaining payments come in the form of various other digital currencies. To safely process these transactions, CrypStation has opted for the Binance Pay platform. All fulfilling their mission of educating patrons about the digital finance industry, the café host talks and seminars to promote understanding and usage of cryptocurrencies.

The Argentinian peso has been highly volatile over the last year and its role as the nation's currency has weakened considerably. South American citizens commonly receive their paychecks in digital currencies as a measure to safeguard their income from inflation. However, the country's financial sector has recently been targeted by the International Monetary Fund (IMF) who claims that caps on foreign currency buying might be creating tension within the country's economy. The IMF is currently in talks with Argentina government, seeking to negotiate up to a $45 billion bailout package.



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