In the United States, two particularly major area of interests for the people are sports and digital asset market. But when sports are integrated with the market of cryptocurrency, the news is bound to create a rampage across the continent.
In the recent development of news, the trade between two football teams was done by using a stablecoin, which certainly broke the net. Normally, transfers between players in football is quite common and the news about player transfer always trends at the first place. But, when the transfer was accommodated using a stablecoin, the news became one of the historic moments in the field of sports as well as digital asset industry.
South American player moved using stablecoin.
Credits: Techstory
According to the sources, Giuliano Galoppo, a player from Argentine mid-table team Banfield, has been signed by Sao Paulo. The transfer was known to be accommodated using the stable coin USDC. On the account of the transfer, the CEO of the Brazilian soccer team was ecstatic to talk about the historic day in the sport.
The news actually did not come as a surprise because, Sao Paulo has always been an experimenter and has preferred cryptocurrency a lot. Additionally, it was stated that Bitso, the first crypto unicorn, began sponsoring the club in January. This club is one of the biggest in all of Brazil.
Banfield’s failed attempt to escape the rules of foreign exchange.
The main reason for Argentina to accept such a unique transfer of player from their soccer team for stable coin instead of fiat currency was because, the team was looking to escape the foreign exchange restrictions, which asks the exported to covert their USD earnings to Pesos within 5 days of transaction.
But their attempt to avoid the rule seems to be gone down the drain. It is reported that the Argentina’s soccer club will have to covert their stablecoin earnings to Pesos at the official exchange rate. Not only that, the transfer in cryptocurrency to have another negative impact on the club. Reportedly, the club will be banned from the official exchange market for 90 days for using cryptocurrency for accommodating the transaction.
Writer’s views:
Basically, the news that made history, has actually caused a lot of problems for the party who has sold the player for stablecoins. Now, though the moment is historic and is celebrated, the negative side of it has surely made a big impact for the soccer team and may also result in a large financial loss.
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