Martin Grosz
05/04/2021 6:00 AM
Clarín.com
Services
Updated 05/04/2021 6:00 AM
If there is something that the ultra-hard exchange rate has been achieving, it is that ordinary people start investing with a reputation for being sophisticated in order to be able to buy dollars
without a cap and
legally
.
First, the "MEP dollar", which requires trading on the Stock Exchange, was all the rage.
And now the "Bitcoin dollar" or "
crypto dollar
" is
growing
: a somewhat
faster and simpler
trick
that uses cryptocurrencies to convert pesos into green bills at a price close to blue.
With the restrictions imposed in 2019 and reinforced in 2020, those who buy dollars in a
bank
or common exchange house must pay
65% more expensive
than the official value, when applying the "PAIS Tax" (30%) and an advance of other taxes (35%).
That threw, this Monday, May 3, 2021, a "solidarity" price of almost
$ 164 per dollar
, higher than that of the informal market ($ 153).
But in addition, very few are authorized to dollarize in the banks.
And they are only allowed to access
US $ 200 a month
, a quota from which
purchases made with a credit card abroad
are subtracted
.
The "
crypto dollar
", on the other hand, allows
anyone
to access the amount of dollars they want,
without limits
, with a
100% online operation
.
Today it is a little
cheaper than the "solidarity" dollar
.
And, unlike the "dollar bag", the procedure can be started and finished
in minutes
, without waiting for the next business day (the so-called "parking").
Restrictions on buying dollars drive people to look for alternative ways to get them.
Photo Bloomberg
What is the "crypto dollar" maneuver?
"
More and more people
are turning to Bitcoin and other crypto assets to get dollars in Argentina," he told
Clarín
Germán Guismondi, an expert in cryptocurrencies and advisor to companies in the sector.
"At first they doubt, it seems strange to them. But, when they get informed and start doing it, they see that it works and that it suits them. This Monday the 'Bitcoin dollar' had a value close to
$ 160.
It remained a little
cheaper than the 'solidarity'
and a little more expensive than the blue ", he added.
Basically, the "crypto dollar" is a maneuver that consists of the following
steps
:
1 °) The saver starts from a certain
sum in pesos
that he wishes to "dollarize" to protect against inflation.
2 °) With their weights the person goes virtually to the market to
buy cryptocurrencies
that are like "digital dollars".
3 °) The acquired cryptocurrencies travel instantly to their
own virtual wallet
and are housed there as if they were in a cryptographic safe, in "the cloud" protected under a password.
4 °) At any time -
It can be
minutes
, days or years after the purchase-, the person returns to the local "crypto" market, this time to
sell
their cryptocurrencies in
exchange for dollars
, or in exchange for pesos at the price of the day (always close al blue).
5 °) The dollars obtained from the sale of cryptocurrency can be sent to your own bank account in dollars to leave them deposited there or in order to
withdraw them in cash
at the window.
Emerged in 2008, Bitcoin is the best known cryptocurrency, but others also emerged.
Reuters photo
Why is it legal to get dollars this way?
"Unlike resorting to a 'cave', this operation is
totally legal
. Whoever is dollarized in this way does not violate the exchange rate because, technically, they are not buying dollars but cryptocurrencies," Guismondi added.
In
Buenbit
, one of the sites used to buy and sell "digital dollars", they agreed to observe that many users are using cryptocurrencies as an "
indirect way to dollarize
" without violating the stocks.
"You are not buying dollars directly. Therefore,
there is no limit
. You buy cryptocurrencies in pesos and then sell them in dollars. It is a legal operation very similar to that of the
dollar stock market
, where you
buy and sell bonds,
" Emiliano Limia compared , the company's spokesperson.
What cryptocurrencies are used to dollarize?
Bitcoin (BTC) is the best known cryptocurrency, but it is not the only one that exists.
And in fact,
it is not the most recommended to buy
from those who enter the "crypto world" just to get, with the least possible risk, the dollars that they can no longer acquire in the bank.
All cryptocurrencies, by definition, are means that serve to exchange values over the Internet.
Media based on
encrypted accounting records
that are distributed among the users of a certain network.
These technologies allow, with total security and accuracy, to issue "
digital money
" and then its millions of users can save it, exchange it or use it to pay
as if it were
traditional money.
Cryptocurrencies are traded as if they were currencies, but current laws do not consider them as such.
Photo File
When it comes to dollarizing, the problem with classic cryptocurrencies such as
Bitcoin
or
Ethereum
(ETH) is that they tend to have abrupt
fluctuations
in their price.
With which, if there is just a sudden change in the middle of the "crypto dollar" maneuver (prior to selling the Bitcoins), you can end up obtaining a
different
amount of dollars
than expected
(for
better
or for
worse
).
For this reason,
stable
cryptocurrencies
or
stablecoins
seem more appropriate for this type of operations
, which are distinguished by always maintaining a
1 to 1 parity
with a traditional strong currency, as explained in detail in this article.
Within this group of cryptocurrencies, the ones that currently stand out the most are the USD Coin (
USDC
), the
DAI
and the Tether (
USDT
), which are programmed to be
mirrors of the dollar
.
In Argentina and around the world, each unit of these cryptocurrencies will always trade as one US dollar.
For example,
1 DAI = US $ 1
.
That is why they are known as "digital dollars."
Other widely used
stablecoins
are
USDN
,
PAX,
and
BUSD
.
Latin America is among the regions of the world that use the DAI the most, with a prominent role for Argentina.
Photo MakerDAO
What ways are there to get "crypto dollar" in Argentina and how do they work?
Currently there are two great ways to dollarize indirectly and without caps through cryptocurrencies.
-Through cryptocurrency "exchange houses".
-Through
peer-to-peer
exchange platforms (called
peer to peer
or P2P).
Next, it will be explained what each one consists of and how the procedure is carried out, step by step from the beginning to the end.
Step by step, how do you get the "crypto dollar" through the "digital exchange houses"?
These companies, known as
cryptocurrency exchanges
or
brokers
, allow you to easily buy "digital dollars" with pesos, sell them for dollars and then
send them to a
bank
account
, all from a website or a mobile application.
Buenbit and SeSocio are among the best known that today admit the
final withdrawal in dollars
to a bank account in that same currency that is in the user's name.
Some exchanges allow you to sell cryptocurrency for dollars and transfer these to a bank account.
Photo Bloomberg
In other brokers, such as Ripio and Satoshitango, pesos can also be used to buy "crypto dollars", but then the withdrawal to a bank account can only be done
in pesos
(at the price of the day of withdrawal).
How is the procedure to dollarize pesos through the "digital exchange houses"?
1 °) Register
The
exchanges
ask first
create an account
giving the main personal data.
Then they demand to verify the identity by sending a photo of the DNI and taking a selfie.
Once this is finished, the user already has a
wallet
or
wallet
in his name, with which he can do all the operations.
2 °) Enter the weights to invest
Once you have the wallet, you have to send the pesos that you intend to dollarize there.
This can generally be done by
transfer
from a bank account (by
CBU
) or from a virtual wallet such as Mercado Pago or Ualá (by
CVU
), and in some cases in cash via Easy Payment or Rapipago.
3 °) Acquire cryptocurrencies
Once the funds are credited to the virtual wallet, the saver can already convert them into the cryptocurrency of their choice (Bitcoin, DAI, USDC, etc.), with
a few clicks
.
To do this, you must go to
the purchase menu of
each system and indicate how many of the deposited pesos you want to pass to the cryptocurrency in question.
After giving the order, the operation is carried out at
the exchange rate of the moment
offered by the platform and is completed in minutes.
In the wallet, like this, instead of pesos or dollars, the equivalent balance now appears in the chosen cryptocurrency.
The quotes that were offered this Monday in Buenbit to buy and sell cryptocurrencies.
Photo Capture
4 °) Return to having traditional money
Just as the saver deposited pesos to acquire Bitcoins, USDC or DAI, at any time he can
sell
the cryptocurrencies to regain traditional money and transfer it to the CBU or CVU where it all began.
"Once the cryptocurrencies have been converted to pesos or dollars within the platform, the user can
transfer whatever he wants
to his savings account or local bank checking account. The operation is carried out by previously associating the account in pesos or destination dollars in his profile, "explained Lucas Marincovich, cryptocurrency specialist at SeSocio.
Buenbit, meanwhile, allowed this Monday to buy each "digital dollar" (DAI) at
$ 162.80
, without later charging fees or commissions for converting them to dollars or for the withdrawal of the "green" ones via bank transfer.
The important thing is that, before operating, all the costs that appear in the conditions of each platform are well ascertained.
And
compare quotes
between the different
exchanges
.
For that, many in Argentina consult a website called Coinmonitor.info, which reports and contrasts the current exchange rates in the main crypto exchange houses.
The dollar prices in the different "exchange houses", compared on the Coinmonitor.info site.
Photo Capture
Step by step, how do you get the "crypto dollar" through P2P exchange platforms?
Another way to use pesos to buy
stablecoins
and other
cryptocurrencies
that
preserve purchasing power
is to use "peer-to-peer" trading websites.
These are platforms that link those who want to buy a cryptocurrency (using pesos) with another person from the same country who is interested in selling that same cryptocurrency (in exchange for pesos).
They are a kind of
"Free Market" crypto
.
Who, for example, has $ 10,000 can publish on a P2P platform that intends to exchange them for the "digital dollar"
Tether
at a certain price.
And, if there is an interested seller, the system
puts them in contact
to make the exchange.
That is, for one to deliver the weights (by the agreed means) and the other to transfer the cryptocurrencies in exchange.
The interesting thing is that these sites open the possibility of buying "digital dollars" at informal market value with a wide
variety of payment methods
.
Here you can not only send the pesos by transfer from a common account with CBU or CVU.
As long as the other party accepts it, cryptocurrencies can be paid with
cash
, with
gift card
balance
or even with
goods and services
(in a kind of
barter
).
The most used platforms for this purpose in Argentina are Paxful and Binance, which not only contact the parties but also
guarantee that
the agreement
is fulfilled
.
Also featured on this list is Localbitcoins.
Cryptocurrency purchases and sales on Paxful can be paid by transfer, cash or other means.
Photo Capture
The steps to dollarize on Paxful
In Paxful the first step is to
register
with your personal data to receive a "digital wallet", in which you can receive the purchased cryptocurrencies (they can be
Bitcoin
,
Ethereum
or the "digital dollar"
Tether
).
"To carry out this type of transaction, it is only necessary to open a free digital account on a platform. The user will only be asked to
verify their identity
, an aspect that is key to
guarantee the safety
of buyers and sellers; and finally, once the account is configured, you can start operating, "
Renata Rodrigues, Paxful Marketing Manager
, explained to
Clarín
.
Given these first steps, it will be possible, for example, to search for a user who is offering
Tether
at the most convenient price with the desired form of payment.
And press "buy".
This Wednesday, for example, in this way "digital dollars" could be obtained at
less than $ 162
, paying with a traditional transfer.
Paxful users were offering "digital dollars" this Monday for less than $ 162. Photo Capture
At the beginning of the operation, the system will open a chat in which whoever offers the cryptocurrency
will send their CBU / CVU
(or will propose a meeting point for the delivery of the pesos in cash).
Only when the payment has been made, the
Tethers
are credited to the wallet.
Those "crypto dollars" can be kept saved there indefinitely,
safe from inflation
.
Or they can be transferred to Bitcoin in one click, speculating that if the price will rise and they can be "dollarized" again (passing them back to Tether) with a profit.
Thus, when they need to be spent, they go back to the platform in search of someone to buy them by
delivering traditional currency
.
This Monday, for example, someone with $ 2,000 to invest could purchase 12.36 "digital dollars" on Paxful.
Photo Capture
A disadvantage, when making "crypto dollar", is that these P2P platforms do not offer the chance to sell cryptocurrencies
in exchange for dollars
.
The system only admits offering them
in exchange for pesos
.
What can be done, to convert the Tether into a dollar bill,
is to transfer them to a wallet
on a platform that does allow sales against real dollars.
Or search, outside the platform, for someone interested in doing a purse-to-purse operation, without any site in between.
"Ideally, you should be
an acquaintance
. But there are even
groups on Facebook
that allow you to find buyers who pay in dollars. These exchanges today are done
in cash
because there are many difficulties with bank transfers in dollars," said Guismondi.
What to keep in mind before starting?
"For those people who want to start in the crypto world and have no experience, it is recommended that they start operating with
modest transactions
that do not involve the disbursement of large amounts of money and that do not compromise the daily family budget," advised Rodrigues, from Paxful .
"In the case of peer-to-peer platforms," he added, "it is also recommended to
verify the reputation
of the counterpart. And also, if cryptocurrencies are to be sold, it is important
not to release them
until confirmation of payment is received."
"Digital dollars" can be exchanged for real dollars anytime, anywhere in the world.
Photo Xinhua
What to keep in mind about the tax aspect of the "crypto dollar"?
Florencia Fernández Sabella, a specialist in Taxation, explained to
Clarín
that these operations, from the tax point of view, are "
losses
."
Why?
Because each dollar acquired through cryptocurrencies at
$ 150 or $ 160
will have, for the AFIP, a tax value of less than
$ 95
(the official wholesale price).
Now, Fernández Sabella explains that, for common taxpayers,
it will not be possible to deduct
this supposed loss from Earnings (because it is "specific"), as is done with others.
The specialist - associate of the Laiún study, Fernández Sabella & Smudt - indicated that the dollars purchased in this way should be
declared in Personal Assets
, so as not to have problems when they want to use them.
And it says that, if the bank asked to
justify the origin
of the dollars received, it would be enough to present proof of the
income in pesos
that allowed the cryptocurrencies to be acquired, plus some details of the movements of the crypto platform used for the operation.
MG
Look also
Working from home abroad: how is the "crypto" trick to bring dollars to a blue value
Stablecoins, the “digital dollars” without stocks or limits: what they are and how to buy them in Argentina