Argentina Is Increasingly Attractive to Freelancers and Cryptocurrency.

With cryptocurrency as a means of collecting money outside of the regular banking system, Freelancing seems to be booming in Argentina. Deel, a worldwide recruiting service, released research titled “State of Global Hiring 2021,” which found that Argentinians, and Latin Americans in general, are more focused on foreign firms and employment. According to the paper, this is most likely related to the decrease of local economies and employment due to the Covid-19 pandemic’s aftereffects.

On the other hand, businesses are recruiting more Argentinians than ever before. This has resulted in a rise in Argentinian salaries over the previous six months, with workers in the marketing, goods, and sales sectors earning 21% more.

Withdrawals of these wages in digital currency have also increased. Deel COO Dan Westgarth stated that there had been a rise in cryptocurrency withdrawals in nations such as Argentina.  Withdrawals are presently available via Coinbase in BTC (the most popular in Latin America), ETH, USDC, and SOL.

As per Deel research, bitcoin is the most widely utilized cryptocurrency for worldwide withdrawals, accounting for 63 percent of all transactions. Ethereum is in a distant second position, accounting for just 23% of all withdrawals. USDC, Solana, and Dash are also utilized on a sporadic basis.

Alternatives to Bitcoin

While legal issues vary by country, acquiring cryptocurrency has become a lifeline for many freelancers in Argentina, allowing them to manage their spending power better. In combination with cryptocurrency, these freelancing platforms are expected to open up new markets for such employees, who may now be recruited on a global scale with a simpler payment procedure.

Argentina is now attempting to supervise digital wallets, with its central bank proposing increasing the KYC-AML requirements for providers such as Mercado Pago and Uala.

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