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.
The card debuts as crypto usage across Latin America expands, with exchange flows in the region rising roughly ninefold over three years.
Regional crypto activity reached about $27 billion in 2024, with firms such as Bitso, Mercado Bitcoin and Lemon playing a growing role.
Unlike similar products elsewhere, Lemon’s card is positioned as a peso-denominated, Bitcoin-guaranteed revolving credit line in a fragile banking system.
At the time of reporting, Bitcoin price was $97,045.67.