Brazil’s central bank, Banco Central do Brasil, has announced the expansion of its digital payment system, Pix, to allow Brazilians living in Argentina to access the service for paying for goods and services and sending payments in both countries. This move is expected to increase the adoption of digital payments and cryptocurrencies in the region.
The Pix payment system is accepted by major crypto platforms and service providers operating in Brazil, including crypto application Lemon, Binance Pay, Crypto.Com, Bitcoin exchange Mercado, and crypto exchange Kraken. According to Lemon’s “State of the Crypto Industry in Latin America 2025” report, Argentina is the number one country in cryptocurrency adoption per capita in LATAM, while Brazil is number one in terms of total cryptocurrency value received.
Crypto adoption numbers in Argentina and Latin America. Source: Lemon
Crypto Adoption in Argentina and Latin America
The report also highlights that there are about four times as many crypto users in Argentina as in the 2021 market cycle, and the Latin America region has an adoption rate about three times higher than in the United States. Lemon attributed a surge in user downloads of its crypto application to the Pix payment system.
“Argentina recorded 5.4 million crypto app downloads in 2025, with more than 90% coming from wallets implementing Pix payments in Brazil,” the report’s authors said.
Crypto Application Downloads in Argentina 2021-2025. Source: Lemon
Inflation and Currency Controls
Users in Latin America and other countries with high inflation have turned to digital assets as an alternative to traditional fiat currencies and the legacy financial system, which has relatively higher transaction fees and potential currency controls. According to Lemon, the Argentine peso recorded its lowest annual inflation rate in eight years in 2025, when inflation fell back to 37%, tripling from the previous year.
The Argentine government has also abolished currency controls, allowing Argentine residents to sell and buy US dollars on the open market, improving economic conditions for those living in the country. Previously, Argentine residents were not allowed to sell or buy US dollars, creating a black market for the greenback and dollar-pegged stablecoins.
Implications for Crypto Adoption
This improvement has opened the door to new crypto use cases beyond savings and cross-border remittances, the report said. As the region continues to adopt digital payments and cryptocurrencies, it is likely that we will see increased innovation and investment in the sector.
For more information on the expansion of Pix payments to Argentina and its implications for crypto adoption, visit Cointelegraph.
