Argentinian Soccer Club Signs a Local Player Via Stablecoins USDC

Crypto market has left no boundaries untouched. It seems like crypto currency is an inevitable market which several companies in various industries are falling for. Especially the world soccer industry.

Soccer clubs are working rigorously getting their hands on the blockchain and crypto currency concepts. From offering tickets to a few, to providing NFT to the fans, the industry has seen numerous things already. In a recent news update coming straight from the Argentine grounds, an Argentinian club signs a player for Millions of USDC stablecoins.

Sao Paulo Making The Change 

One of the topmost Brazilian clubs – Sao Paulo – has signed a player from a mid-table Argentinian team Banfield with the help of USDC – a US dollar based stablecoin. Giuliano Galoppo, midfielder at Banfield’s Athletic Club was sold for a  decent amount of approximately 8 Million USD. The transfer took place with the help of a Bitso – a Mexico based crypto exchange. The crypto exchange holds a strong position in the South American market. 

However, such a deal happening in the Argentinian sports industry may be an outbreak to the economic crisis in the country.

Thales Frietas – Bitso’s director in Brazil said “We are very proud to work with these two clubs for this historical signing of Sao Paulo with all the safety, transparency and flexibility that the crypto economy has to offer.”

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An Attempt to Diversion

The transfer happened successfully but it may bring several drawbacks with it. The uniformly rising gap between Argentina pesos and US dollars is on a hike, which may create a window of error in the coming future. It may also create a situation where footballers’ salaries may get affected with the change in currency values. Also, there’s a subtle acceptance rate for the cryptocurrencies in Argentina after the resignation of the Economy minister in early July. 

However, according to the reports, it is assumed that the transfer process was an attempt to divert robust foreign exchange restrictions. Also, The Central Bank of Argentina has asked Banfield to liquidate their USDC in local currency, through the official exchange market.