Online Blockchain plc, a leading UK blockchain company, launches Buenos, a cryptocurrency for financial inclusion and challenge in Argentina. Designed to be an alternative form of finance and transaction, the coin will empower Argentinians, giving them full control of their finances.
Argentina is sliding into financial recession after three years of stable economic growth. The inflation rate for 2018 is at 25.4%, over ten percentage points above the estimates from the Central Bank. Since the start of the year, the Argentine peso is down over 20% against the US dollar, and President Macri has recently approached the IMF to close loan agreements. The Argentinian population has a history of mistrust towards banking institutions since the country’s crisis in 2001. As another recession looms, alternative forms of cash are gaining popularity.
Buenos is part of Online Blockchain’s strategy to address the opportunities in emerging markets worldwide where cryptocurrencies are gaining ground.
OBC, alongside ADVFN Brazil — a joint venture between ADVFN PLC and InfoAdvanced Ltda- recently launched Brazio, a new cryptocurrency for Brazilians. OBC has a global strategy to deploy a variety of digital currencies at a local level as it believes the real success of each application starts from the local user case and endorsement by the local environment.
By rejecting traditional banking institutions, Buenos allows its users to enjoy freedom and full control over their finances with no extra costs or hidden fees. Buenos coins can be mined by anyone with a PC or Smartphone at a 0% mining fee, and managed via the Buenos Wallet, a platform to store and transact Buenos freely and securely. Furthermore, the cryptocurrency has a mining cap at 500,000,000 coins, which is a natural anti-inflationary tool to keep valuation and exchange rates stable. OBC is planning to build up different applications on the coin as the market and the network becomes established.
Online Blockchain has pre-mined 20% of Buenos coins, which are directed into further development to ensure a full infrastructure for Buenos.
Buenos is listed on SouthXchange, the leading cryptocurrency exchange in Argentina. SouthXchange is a solid and expanding trading platform for digital currencies. It is built to support the emergence of crypto coins in South America as alternative means of finance.
The CEO of Online Blockchain, Clem Chambers, commented: “There’s plenty of potential for Buenos to succeed and become an important financial tool for the people of Argentina. Buenos is more than a cryptocurrency: it has been developed with a view to functioning as a second local coin in the long run. We think globally but act locally.”
About Online Blockchain Plc:
Revolutionising the world with cutting-edge research and development, Online Blockchain is leading innovation in cryptocurrency and decentralised ecosystems via various applications of blockchain. It is incubating exciting cryptocurrency start-ups, developing technical innovation in the blockchain space and setting the standard for the decentralised tomorrow. The company also provides continuous development and maintenance for a number of cryptocurrency projects worldwide.
The Online Blockchain team have been pioneers in the tech sector for over 20 years . Born as On-line plc, the company added Blockchain’ to its name in 2017 to reflect its new direction towards joining the blockchain revolution and its main focus in developing cryptocurrencies.