The Argentine football club welcomes the increase in the exchange rate of cryptocurrencies amid the
Argentina's economic restrictions also affected the sports industry, when the first signing of a contract with a local football player for cryptocurrencies hit the headlines of national newspapers.
According to local sources, the transfer of midfielder Giuliano Galloppo from Banfield's Athletic Club to Sao Paulo Futebol Clube was carried out in US dollars (USDC) in the amount of 6 to 8 million dollars. The exact amount varied taking into account the unstable exchange rate of the Argentine peso. The transfer became possible thanks to cooperation with the Mexican crypto exchange Bitso.
According to Tales Freitas director of the Bitso branch in Brazil: "We are very proud to be working with these two clubs to sign this historic contract, taking into account the security, transparency and flexibility that the crypto economy can offer"
The transfer took place against the backdrop of a difficult economic situation for Argentine sports clubs. It is reported that the gap in the exchange rate between pesos and dollars continues to increase, which affects the ability of football players to sign contracts with international teams and encourages them to review their contracts in order to adjust their salaries in accordance with the unstable dollar price.
The unstable economy of the country has led to the massive introduction of cryptocurrencies, especially stablecoins. The trend towards the use of stablecoins has expanded after the shocking resignation of the Argentine economy minister earlier this month.
Similar players and sports clubs in Argentina have adopted the practice of paying in cryptocurrency. Nevertheless, this international transfer is the first practice when clubs will be able to accept cryptocurrencies as a form of payment to restore the competitive advantage of their players in the sports market.
Despite the novelty, the cryptocurrency transaction involving Galoppo will still be regulated. According to Bloomberg, sources in the central bank of Argentina clarified that the transfer of Galoppo is an export operation. As a result, Banfield will be forced to convert its USDC into the local currency, the peso, using the official exchange market.
A recent study conducted by the Big Four accounting firm Deloitte revealed the potential of the cryptocurrency ecosystem in redistributing income streams and involving fans and developing athletes' careers.
The report expects that the cryptocurrency will create a connection "with sports collectibles, ticket sales, betting and games." For example, with the help of non-interchangeable tokens (NFT), the sports industry can introduce equity ownership initiatives, which may lead to a reformatting of the ticket resale process.
https://coin-signal.com/cryptonews/the-argentine-football-club-welcomes-the-increase-in-the-exchange-rate-of-cryptocurrencies-amid-the-economic-downturn/
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