25 Jun '14, 10pm

BitBeat: Why Bitcoin is Scoring in Argentina via @WSJMoneyBeat @paulvigna

BitBeat: Why Bitcoin is Scoring in Argentina via @WSJMoneyBeat @paulvigna

By Michael J. Casey @mikejcasey [email protected] Michael J. Casey Biography CONNECT @mikejcasey [email protected] Michael J. Casey Biography Getty Images Welcome to BitBeat, your daily dose of crypto-current events, written by Paul Vigna and Michael J. Casey. Bitcoin Latest Price: $564.51.48, down 1.83% (via CoinDesk ) Crossing Our Desk –In the U.S., bitcoin payment processors generally find merchants want them to immediately convert their bitcoins into dollars. In Argentina, the exact opposite occurs. Firms such as San Francisco-based BitPagos will take the dollars received by tourism industry clients in Buenos Aires and deliver them bitcoins in return. That their clients are opting for this says much about Argentina’s dysfunctional financial system and bitcoin’s potential to provide an escape route for citizens of countries with strict currency controls. By taki...

Full article: http://blogs.wsj.com/moneybeat/2014/06/25/bitbeat-why-bit...

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