Argentine crypto exchange Lemon has launched what it says is the country’s first Bitcoin-backed Visa credit card, allowing users to access peso credit without selling their BTC.
Users must lock up at least 0.01 Bitcoin as collateral, currently worth about $960, to receive an initial credit limit of up to one million pesos.
The Bitcoin used as collateral is immobilised as a guarantee rather than converted into pesos or other fiat currency.
Lemon said the product will later allow customers to adjust collateral and credit limits and settle some purchases using dollar-pegged digital assets.
The launch reflects Argentina’s deep-rooted distrust of banks following repeated devaluations and the 2001 “corralito” deposit freeze.
Official data cited by Reuters estimates Argentines hold around $271 billion in undeclared US dollars outside the formal financial system.
President Javier Milei’s recent tax amnesty encouraged nearly 300,000 savers to declare more than $20 billion, though most cash remains unbanked.
Lemon aims to turn Bitcoin, a popular savings asset, into everyday spending power without forcing users to unwind crypto or dollar holdings.