An export deal between Argentina and Paraguay has been settled with cryptocurrencies, namely Bitcoin. According to a February 14 report from Cointelegraph en Español, this marks the first time both countries have settled an international payment with digital coins.
Paraguay has bought pesticides and fumigation products worth $7,100 from Argentina, using Bitcoin to settle the deal, local media outlets reported. The payment was then converted into Argentine peso to settle accounts with the exporter of the agricultural chemicals.
Bitex, a Latin American financial services provider that supports Bitcoin payments, was hired to mediate the transaction. The company is a part of the Argentine government’s program Exporta Simple, which facilitates the export of goods and services worth less than $15,000.
According to the chief marketing officer of Bitex, Manuel Beaudroit, the company aims to make cross-border payments for such deals more efficient. Back in 2018, Bitex previously participated in a crypto project initiated by Argentine bank Masventas, where the bank considered creating an alternative to the SWIFT payment system.