The remote work format that is here to stay for many after the pandemic, added to the high adoption of stablecoins in the country, allowed an expansion in the labor market for many Argentine workers.
A work trend that grew exponentially starting in 2020 and that, far from having an expiration date with the “return to normality” and the possible liberation of the exchange rate, continues to be an aspirational goal for many professionals.
In this context, from the company Bitwage – the pioneering platform for payment of fees in cryptocurrencies and digital dollars most chosen by workers, freelancers and service exporters – during 2023 there was not only an increase in new Argentine users, doubling once again the brand that they had already had during 2022 and that has been increasing year after year since 2020, but they also saw an increase in the number of companies that hired their services to be able to pay their collaborators in cryptocurrencies.
GET CHARGED IN DIGITAL DOLLARS
Currently, exports of services constitute an extremely interesting source of value generation due to the creation of jobs and the income of foreign currency. The service industry – computing and programming, professional services, design, etc. – exported a total of USD 8,000 million from Argentina between July 2022 and June 2023, according to Indec records.
Official data show that there was no significant growth compared to the previous period, but reality shows that there are increasingly more people who are inclined to provide services to companies outside the country, turning to new solutions or paths to overcome the gap. between official and free exchange as well as appealing to decentralization.
This is demonstrated by the data from Bitwage, which this year celebrates 10 years of providing payment solutions to service exporters, whose Vice President of Growth Ramiro Raposo recognizes, “Argentina is the country that has grown the most in Latam in recent years, being the 3rd country with the highest billing volume in the world and had a 35% increase in transaction volume compared to 2022.”
This is how cryptocurrencies have positioned themselves as a great alternative when it comes to collecting money internationally in our country, with currencies such as USDC, USDT or DAI being a great option for those who sought to protect the value of their income as well as protect anonymity.
Another of the highlights of the rule changes that allowed cryptocurrencies has been the elimination of financial intermediaries in the process of remittances or international payments. Previously, remote workers in Argentina faced payment delays and significant fees when receiving their salaries from abroad.
In addition to the financial benefits, the adoption of cryptocurrencies in the workplace has also brought about a change in the mentality of workers. The ability to own digital assets has empowered them, giving them greater control over their income and eliminating dependence on centralized financial structures.
Today, being a freelancer and exporting services implies the freedom of being able to choose the work, where to do it, and to what extent and how to charge for it. According to the Bitwage report, the countries that hire the most Argentine professionals are the United States, Spain, Canada and the United Kingdom.
“An Argentine services exporter charges on average about USD 3,000, reaching payments of up to USD 7,000 per month.” According to Ramposo, the majority are from the IT sector: programmers, systems engineers, developers, devs, project managers, coders, designers, etc.
But other areas are also growing, such as international athletes, editors, consultants, translators, psychologists, and English teachers.
In this sense, the accountant “freelance worker expert” Luciano Pascual observed this same trend in 2023 among his clients:
“This last year the number of people I was advising exploded. There were many professionals who gave up a very good job in a dependency relationship in Argentina to start working abroad and be paid in dollars. But I also noticed an increase in people who are now preferring to charge in cryptocurrencies directly instead of dollars because it is more convenient for them since it is easier to make transactions such as payments, transfers or savings. Furthermore, the freelancer who works abroad is no longer an exclusive modality for programmers and now accounting consultancies are for very varied profiles such as translators, graduates in political science who do projects for different countries, accountants, architects, engineers, etc., “There are all kinds of professionals who are apparently doing very well.”
Another interesting fact is that companies are also joining this trend and there are more and more national companies paying in crypto assets. “In Argentina, a growth is observed in the rate of companies that hired both locally and internationally and pay through our platform,” says Raposo.