Cryptocurrency exchange Binance has issued its own payment card in cooperation with Mastercard

Binance has announced the release of a new card for the Argentine market. The company’s partner in this project is the MasterCard payment system. The key feature of the project is the instant conversion of cryptocurrency into fiat at the point of sale. In the long run, this should allow paying with this card anywhere.

Binance Card also provides cashback of 8% of the purchase amount. The payment will be made from the user’s wallet on the Binance platform. All transactions will be fully automatic, you just need to use the terminal.

It is worth noting that Argentina became the first country in Latin America where Binance decided to test the new cards. Currently, the country’s population is suffering from severe inflation, so the exchange believes that such a project will allow people to improve their well-being. «We believe that the Binance Card is a big step in encouraging the everyday use of cryptocurrency. It is now available to residents of Argentina,» said Maximiliano Hintz, head of the exchange’s Latin American division.

The program is currently in beta testing mode. The partners plan to issue more cards in the coming weeks. The card can be issued at any bank that cooperates with MasterCard.

Last year, the Argentine government seriously considered integrating cryptocurrencies into the country’s economy. However, the authorities later changed their rhetoric: first, banks were banned from trading in digital assets, and then they confiscated cryptocurrencies from the population to repay the debt to the IMF.