LATAM’s cryptocurrency scene is witnessing notable growth this week, with Lemon launching virtual cards in Argentina and the use of crypto ATMs in Colombia surging by 25%.
These developments highlight the region’s increasing embrace of digital assets, offering new opportunities for users and businesses alike.
Lemon offers virtual cards in Argentina
Lemon, a digital wallet company, has expanded its services in Argentina by launching virtual cards, building on the success of its existing VISA Lemon Card.
Since its debut in 2021, Lemon has issued over one million physical cards.
The new virtual cards are designed to provide a seamless payment solution with instant activation, customizable designs, and the ability to pay in both pesos and cryptocurrencies like Bitcoin, USDC, and USDT.
These cards offer enhanced flexibility by allowing users to pay at both local and international merchants, supporting QR code payments through platforms like Mercado Pago and MODO.
Importantly, users can deactivate and regenerate virtual cards for added security, making them ideal for online transactions and managing unwanted charges from trial services.
In addition, Lemon has raised the investment limit in pesos on its platform from one million to 1.5 million pesos, improving users’ options for saving, investing, and making payments in both cryptocurrencies and traditional currency.
Colombia sees 25% growth in crypto ATM usage
Cryptocurrency continues to gain traction in Latin America, and Colombia is seeing a 25% year-on-year increase in Bitcoin ATM usage, according to Chainalysis.
This rise in demand has led to the installation of 37 Bitcoin ATMs across the country, primarily in cities like Bogotá, Medellín, and Santiago de Cali. Bogotá leads the way with 19 machines.
Despite the growth, the number of ATMs in Colombia remains relatively limited compared to the demand.
As of 2023, only 35 ATMs were available, leaving several cities, such as Cartagena and Armenia, without access to crypto ATMs.
Notably, Colombia has two types of Bitcoin ATMs: those requiring human assistance and fully automated machines.
Panama advances crypto legal framework
In Panama, the Digital Commerce and Blockchain Chamber has launched a cryptocurrency-focused training program to help legislators understand key digital asset concepts.
The initiative aims to create clear legal frameworks for virtual assets without stifling innovation.
Since 2021, the Chamber has been working with National Assembly members to develop effective policies that balance regulation and the need for growth in Panama’s Fintech sector.
The program covers topics like digital wallet usage, blockchain functionality, and Bitcoin transactions, while also addressing cryptocurrency demographics and operational strategies used by local companies like Lulibit.
Lulibit’s Ianir Sonis emphasized the importance of clear legislation to support Panama’s expanding cryptocurrency and Fintech sectors, ensuring the country remains competitive in the digital economy.
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