Banco Central do Brasil said on Friday that it has expanded its Pix digital payments system to give Brazilians living in Argentina access to the service to pay for goods, services and send payments in both countries.
The central bank’s instant payments platform is accepted by the main cryptographic platforms and service providers operating in Brazil for fiat onramping, including the crypto application Lemon, Binance Pay, Crypto.Com, the Mercado Bitcoin exchange and the crypto exchange Kraken.
According to Lemon’s State of the Crypto Industry in Latin America 2025 report, Argentina ranks as the number one country in terms of crypto adoption per capita in LATAM, while Brazil ranks first in terms of the total value of crypto received.
Argentina has nearly 4 times the number of crypto users in the 2021 market period, the report says, and the Latin American region is nearly 3 times higher than the United States.
Lemon also attributed the increase in user downloads of his crypto app to the PIX payment system.
“Argentina recorded 5.4 million downloads of crypto applications in 2025, with more than 90% coming from wallets that implemented Pix payments in Brazil,” the authors of the report said.
Users in Latin America and other high-inflation territories have turned to digital assets as an alternative to traditional fiat currencies and legacy financial systems that have relatively high transaction fees and potential currency controls.
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In Argentina, inflation is decreasing, but it is still high
According to Lemon, the Argentine peso hit its lowest inflation rate in eight years in 2025, when inflation rebounded to 37%, a three-fold decrease from last year.
The Argentine government also removed currency controls, allowing Argentines to buy and sell US dollars on the open market, improving the economic conditions of the country’s residents.
Previously, Argentine residents were not allowed to buy or sell US dollars, creating a black market for US dollars and dollar-pegged stablecoins.
This improvement has opened the door to new use cases for crypto beyond deposits and cross-border money transfers, the report said.
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