South America is quite an interesting continent for Bitcoin and digital currencies. Most other countries are plagued by hyper-inflated fiat currencies. On top of that, governments do anything they can to decrease the chances of exchanging local fiat currency to any other currency. But BitINKA might be changing all of that in the near future.
BitINKA – Expanding to Cover All of South America
The name BitINKA is fairly common in South American countries such as Peru, Bolivia, Brazil, and Venezuela, as the Bitcoin platform has been available there for quite some time now. But the company isn’t resting on its laurels and plans to expand their services to neighbouring countries such as Chile, Colombia, and Argentina.
One of the major struggles people living in South America face is the inflation of local fiat currencies. Argentina, in particular, is known for flip-flopping between new currencies in order to slow down the devaluation, to little avail. Most residents spend their Argentine pesos as fast as they can, in order to get their money’s worth before the value dips again.
To make matters even worse, it is incredibly hard to move Argentine pesos into different fiat currencies without a bank account. South America is one of the most underbanked regions of the world, and locals are left with very little option at this point. But that situation is changing, as back in 2013 Roger Gabriel founded BitINKA.
What makes BitINKA so appealing – other than the fact this is a very versatile Bitcoin trading platform – is the fact that users can withdraw funds in many local South American currencies. Some of those currencies include the Argentinian Peso , Peruvian Nueva Sol, and Venezuelan Bolivar. All of this can be done without the user needing any prior knowledge of how Bitcoin works, which will in turn – hopefully – boost Bitcoin adoption in South America.
One of the reasons why BitINKA has become a major name in a short span of time is due to their local banking relationships. Most banking institutions in South America are wary of Bitcoin, but organizations such as Banco de Crédito – in both Bolivia and Peru – make it easy to withdraw funds in local currencies.
Influencing the Future of Bitcoin in South America
Even though Bitcoin is a viable alternative for nearly every South American country, there is very little awareness and adoption of digital currency at this point. The reason for that is simple: most people are not looking past their day-to-day expenses, in which Bitcoin has no place right now.
To put that into perspective, credit cards are hardly being used by everyday consumers either. It is nearly impossible to get a bank account in South America, let alone acquire a credit card, which is subject to additional document requirements, including financial statements and a copy of your tax income of the past two years.
“In some countries where BitINKA operates, people have recently been educating themselves on how to use Bitcoin, and they are realizing it is something very easy, as well as being a currency that they, themselves, can control. In Peru, for example, this is something new and is gradually capturing the public interest. Bolivia has prohibited Bitcoin as a payment method, so BitINKA works as a virtual wallet for businesses and users affiliates.” – BitINKA Co-administrator Pierna Caballero told the media.
Images courtesy of BitINKA, Shutterstock