This week has seen a notable increase in the LATAM cryptocurrency market. Lemon launched virtual cards in Argentina, and use of crypto-ATMs increased by 25 percent in Colombia.
The region is increasingly embracing digital assets. This offers new possibilities for businesses and users.
Lemon virtual cards are available in Argentina
Lemon, an Argentine digital wallet, expanded its service in Argentina with the launch of virtual cards. This builds on its successful VISA Lemon Card.
Lemon, since its launch in 2021 has produced over 1 million physical cards.
These virtual cards offer a payment option that is seamless, with an instant-activation feature, customizable designs and the capability to accept both Pesos as well as cryptocurrencies such Bitcoin, USDC and USDT.
The cards provide greater flexibility as they allow users to make payments at local and foreign merchants. They also support QR code payment through platforms such as Mercado Pago or MODO.
Users can also regenerate their virtual cards to increase security. This makes them perfect for online transactions, and for managing charges that may have been incurred by trial services.
Lemon also increased the peso investment limit on its platform, from 1 million to 1,5 million pesos. This will give users more options when it comes to saving, investing and paying in both cryptocurrency and traditional currencies.
Colombian crypto ATMs see a 25% increase in usage
According to Chainalysis, cryptocurrency continues to grow in Latin America. Colombia has seen a 25 percent increase year-over-year in the use of Bitcoin ATMs.
The increase in demand for Bitcoin has led to 37 Bitcoin ATMs being installed across the country. These are mainly located in Bogota and Santiago de Cali. Bogota is the leader with 19 ATMs.
The number of ATMs is still relatively low in Colombia despite the rapid growth.
Only 35 crypto ATMs are available as of 2023. This leaves several cities like Cartagena, Armenia and other places without any access.
Colombia offers two different types of Bitcoin ATMs. These include those that require human interaction and machines with full automation.
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.
This initiative is aimed at creating clear legal frameworks without hindering innovation.
The Chamber of Commerce has worked with the National Assembly since 2021 to create effective policies which balance the needs for regulation in Panama and growth within the Fintech industry.
This program addresses topics such as digital wallet use, blockchain functionality and Bitcoin transactions. It also covers cryptocurrency demographics, operational strategies and local company Lulibit.
Ianir Sonis, Lulibit’s Ianir Sonis, stressed the importance of clear laws to support Panama’s growing Fintech and cryptocurrency sectors. This will ensure that the country is competitive in the digital world.
The post LATAM Crypto Update: Lemon launches virtual card in Argentina; crypto ATM use in Colombia increases 25% could be updated as new information becomes available.
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