Key Highlights
- Lemon’s Bitcoin-backed Visa lets Argentinians access credit without selling BTC, turning savings into everyday spending power.
- The Central Bank may allow banks to trade crypto, potentially expanding digital asset access nationwide by April 2026.
- Despite $LIBRA controversy, Argentina’s strong crypto culture keeps growing, with Bitcoin as the top held asset.
Lemon, Argentina’s second-largest crypto exchange, launched the first Bitcoin-backed Visa credit card. The new product allows users to access credit in pesos without selling their Bitcoin holdings, aiming to turn long-term BTC savings into everyday spending power.
Marcelo Cavazzoli, Lemon’s founder and CEO, explained, “We created a simple way to access credit in pesos using Bitcoin as collateral, without needing a credit history.”
As per a local report, the card works by depositing a small Bitcoin amount as collateral. Currently, users provide 0.01 BTC—around $900—granting them a credit card with a peso limit of $1,000,000. Importantly, the Bitcoin is never sold or converted, remaining intact as a store of value. Lemon also aims to make crypto participation easier for everyday Argentinians.
How the card works and future plans
First-phase cards operate within fixed limits for simplicity and security. Lemon will further develop the features to include custom backup amount settings from users and credit limit adjustments. The company is also working on support for dollar-denominated purchases through stablecoins like USDC and USDT.
Commission-free purchase for more than 30 cryptocurrencies, including Bitcoin and Ethereum, is also applicable. This includes only purchases and does not encompass exchange or sale. The users also enjoy early access to new app features, personal support via Telegram, and in-depth portfolio summaries, including profit and loss reports.
For the initial three months, Rootstock waives the card’s maintenance fee. After this period, fees will reach about $7,500 per month, but remain free for users who buy at least $150 in crypto monthly. Lemon users can also deposit BTC from external wallets via Lightning Network, Rootstock, or BNB Chain (BEP-20), and spend pesos on everyday purchases while earning Bitcoin rewards.
The broader impact on Argentina
Argentina already has a strong crypto culture, with Bitcoin being the top asset people hold on Lemon. Experts say the new card could help turn these savings into everyday spending.
Adding to this, the Central Bank (BCRA) is reportedly considering rules that would let regular banks trade cryptocurrencies. If these rules pass, more Argentinians could access digital assets across the country by April 2026.
Manuel Ferrari, President of Bitcoin Argentina, noted, “The Argentine banking system has decades of very rigid and restrictive regulation, and the final impact will depend on whether this opening is done with a modern vision.” If big banks get involved, they could dramatically increase crypto access by using their extensive networks to reach millions of account holders.
Still, political and regulatory uncertainty lingers. President Javier Milei and his sister face new allegations over the $LIBRA token, which has collapsed. Investigators cited possible “political responsibility” for promoting a suspected cryptocurrency scam that led to losses estimated at $100-$120 million. Despite this, Argentina’s taste for cryptocurrency innovation remains unabated.
Also Read: Coinbase Rejects Senate Crypto Bill Over Privacy and DeFi Concerns
