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Report: Freelance Workers in Argentina Are Among the Most Active in LATAM Receiving a Part of Paycheck in Crypto

argentina

A recent report states that freelancing in Argentina is on the rise and comments on how Argentinians use cryptocurrencies to get a portion of their paychecks. The report further states that workers accepting their paychecks in crypto favor traditional cryptocurrencies such as ether and bitcoin, which together amount to almost 90% of the payments made in crypto.

Freelancing and Crypto Becoming More Popular in Argentina

Freelancing appears to be on the rise in Argentina. With it, crypto as a means of collecting payments that are not covered by the traditional financial system. A report titled “State of Global Hiring 2021,” made by Deel, a global hiring firm, has discovered that Argentinians, and Latam in general, are increasingly focusing on international companies and jobs. The report explains this is likely a result of the decline of local economies and jobs due to the after-effects of the Covid-19 pandemic.

However, more companies are now hiring Argentinians than ever. This has created an increase in the wages of Argentinians in the last six months, who are earning 21% more working in the marketing, products, and sales sector.

These salaries are also being withdrawn

Cryptocurrency. Regarding this trend, Deel COO Dan Westgarth stated:

We are seeing an increase of cryptocurrency withdrawals in countries such as Argentina. We currently offer withdrawals in BTC -the most popular in Latin America-, ETH, USDC and SOL through Coinbase.

The most used cryptocurrency for global withdrawals is bitcoin, with 63% of transactions using it, according to the Deel report. Ethereum comes in a distant second place, being present in 23% of the withdrawals made. Also, USDC, Solana and Dash can be used marginally.

Crypto as an Alternative

While other countries may have different legal systems, many freelancers in Argentina find receiving cryptocurrency a lifeline, helping to preserve their purchasing power. These platforms allow workers to be freelancing and can also offer simplified payment processes.

Argentina is currently seeking to regulate and control digital wallets, as its central bank is proposing to strengthen the measures providers like Mercado Pago and Uala will have to take regarding KYC-AML.

What do you think about Argentinian freelancers and their use of cryptocurrency? Please leave your comments below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, but he lives in Venezuela and has been impacted by the cryptocurrency boom on a social level. This gives him a unique perspective about crypto success and how it benefits the underbanked.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”