The Transfer of Midfielder Giulliano Galoppo
Argentina’s financial constraints have permeated the sports industry, with the first local soccer player to be signed using cryptocurrency making national news. According to local sources, the transfer of midfielder Giuliano Galoppo from Banfield’s Athletic Membership to Sao Paulo Futebol Clube was made in USD Coin (USDC), costing more than $6 million and maybe even $8 million depending on the volatile alternative rate of the Argentine peso. Collaboration with the Mexican crypto alternative Bitso made the transition possible.
The head of Bitso in Brazil, Thales Freitas, said that they are extremely delighted to collaborate with these two golf equipment for this historic signing of Sao Paulo with all the security, transparency, and suppleness that the crypto economic system has to offer. The change took place while Argentina’s sports golf equipment faced difficult financial times. The stated exchange rate difference between dollars and pesos is growing, which affects soccer players’ chances of being signed by international teams and forces them to renegotiate their contracts to adjust their salary to the fluctuating value of the dollar.
The First Bitcoin Payment
As we know, the market is been highly unstable this year, especially the crypto markets. This resulted in the stablecoins to be accepted throughout the nation. After the unexpected resignation of Argentina’s minister of the economy earlier this month, the trend for stablecoins is well known to have increased. Players and golf teams equally around the nation have adopted the use using cryptocurrencies in sports. This is the first time when the clubs are accepting bitcoins as a form of international payments.
The bitcoin transaction involving Galoppo, despite its novelty, will nonetheless be subject to regulations. Galoppo’s flip is an export activity, according to sources at the central financial institution of Argentina. Banfield will thus be under pressure to convert their USDC into local currency, pesos, using the legitimate secondary market. The professional footballer’s decision to promptly exchange USDC to the official exchange market while enabling the membership to survive the central bank’s actions, however, remains a mystery.
Source: https://www.thecoinrepublic.com/2022/07/30/soccer-player-signing-using-crypto-in-argentina/