Freelancing is booming in Argentina, and Argentinians are among the region’s employees who most actively utilize cryptocurrency to collect part of their wages. According to a recent survey, workers who take crypto as a form of remuneration prefer classic cryptocurrencies like ether and bitcoin, accounting for about 90% of all crypto payments.
Deel, a worldwide recruiting service, released research titled “State of Global Hiring 2021,” which found that Argentinians, and Latin Americans in general, are increasingly focused on foreign firms and employment. According to the paper, this is most likely related to the decrease of local economies and jobs due to the Covid-19 pandemic’s aftereffects.
On the other hand, companies 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 salaries in the cryptocurrency have also increased. Deel COO Dan Westgarth commented on this trend: We’re witnessing a rise in bitcoin withdrawals in nations like Argentina. Withdrawals are presently available through Coinbase in BTC (the most popular in Latin America), ETH, USDC, and SOL.
According to Deel’s research, bitcoin is the most widely utilized cryptocurrency for global withdrawals, accounting for 63 per cent of all transactions. Ethereum is in a distant second position, accounting for only 23% of all withdrawals. USDC, Solana, and Dash are also utilized on a sporadic basis.
Crypto as a potential alternative:
While various nations have varied legal conditions, in Argentina, acquiring bitcoins has become a lifeline for many freelancers, 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 process.
Argentina is now attempting to regulate and supervise digital wallets, with its central bank proposing increasing the KYC-AML requirements for providers such as Mercado Pago and Uala.
