Argentina’s freelancing industry is booming, and the country’s workers are some of the region’s most active users of cryptocurrencies to collect a portion of their compensation. Workers who take crypto as a form of remuneration prefer classic cryptocurrencies like ether and bitcoin, according to the survey, which accounts for about 90% of all crypto payments.
Argentina is Increasingly Attractive to Freelancers and Cryptocurrency
Freelancing, and with it, crypto, as a means of collecting payments outside of the regular financial system, appears to be booming in Argentina. Deel, a global hiring service, released a report titled “State of Global Hiring 2021,” which found that Argentinians, and Latin Americans in general, are increasingly focused on international companies and jobs. According to the paper, this is most likely related to the decrease of local economies and jobs as a result of the Covid-19 pandemic’s aftereffects.
Companies, on the other hand, are hiring more Argentinians than ever before. This has resulted in an increase in Argentinian salaries over the last six months, with workers in the marketing, goods, and sales sectors earning 21% more.
Withdrawals of these salaries in the cryptocurrency have also increased. Deel COO Dan Westgarth commented on this trend:
According to Deel research, bitcoin is the most widely utilized cryptocurrency for global withdrawals, accounting for 63 percent of all transactions. Ethereum is in a distant second place, accounting for only 23% of all withdrawals. USDC, Solana, and Dash are also utilized on a sporadic basis.
Crypto as an Option
While legal issues vary by country, acquiring cryptocurrency has become a lifeline for many freelancers in Argentina, allowing them to better manage their spending power. These freelancing platforms, in combination with cryptocurrency, are expected to open up new markets for such employees, who may now be recruited on a global scale with a simpler payment process.
Argentina is now attempting to regulate and supervise digital wallets, with its central bank proposing to increase the KYC-AML requirements for providers such as Mercado Pago and Uala.
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