2 years ago
Date: 11 Jan 2022 -

The South American countrys citizens now have access to a cash balance that can be used to save or transfer money without permission.Lightning payments platform Strike has made some of its services available to Argentinians on Tuesday in an effort to give hope to a population that suffers from hyperinflation according to an announcement Twitter thread from its founder Jack Mallers.Today we launch a superior financial experience to a country that faces hyperinflation predatory payment networks and unusable crossborder transfers Mallers tweeted on Tuesday. Today we use the worlds open monetary network Bitcoin to give hope to the people of Argentina.Mallers went on to explain that the country is plagued with a history of economic turmoil and uncertainty something Bitcoin could help fix. The peertopeer monetary system with a limited and immutable supply of money enables Argentinians to hold sound money that gains in purchasing power both in relation to the peso and the U.S. dollar. A devaluing national currency impairs citizens ability to save while it quietly erodes their purchasing power through inflation. In the case of Argentina annual inflation is currently already above 50 as the country struggles to emerge from a longlasting recession.There is now unprecedented demand for an open monetary system that lives within a distributed network has a known monetary policy a fixed supply and is resistant to censorship Mallers said adding that Argentina needs the best monetary asset and the best monetary network in human history Bitcoin.Strikes official launch in Argentina further advances Strikes mission of building a more connected financial world. Strike allows anyone in Argentina day one access to a wide range of use cases including instant and nearfree remittance payments accepting and sending bitcoin Tips on Twitter and peertopeer transactions the company said in a statement sent to Bitcoin Magazine.Despite U.S. customers being able to access the full range of services provided by Strike including buying bitcoin and getting paid in bitcoin through automatic paycheck conversions Argentinians are for now only able to hold a cash balance which they can use to save or transfer money instantly to anywhere in the world without fees.This is a superior financial experience that legacy financial institutions and governments have failed to deliver to the people of Argentina Mallers said.UPDATE Jan 11 250 pm ET Updated to reflect differences between U.S. and Argentinian customers access to Strike services.

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