Argentina is Latin America’s second-largest bitcoin adopter, behind Venezuela. Argentine ranks 10th globally. Argentine cryptocurrency usage is double that of Mexico, Peru, and all other nations in the area Because of the government’s new capital constraints on foreign exchange services. Argentines are increasingly resorting to stablecoins as an alternative to Bitcoin for keeping US dollars.
Argentina has fought increasing prices for almost six years. Devaluing the Argentine peso has hurt people’s ability to buy goods. Lack of faith in the government and central bank and excessive spending have led to this.
Vitalik Buterin was impressed by Argentina’s rapid adoption of cryptocurrencies and stablecoins in December. If the US dollar faced problems, the current arrangement may change. Digital asset regulation is generally cautious.
37.3% of the country’s residents are now poor. Many Argentineans have turned to Bitcoin and other cryptocurrencies to hedge against the country’s 60% inflation rate, despite the market being in the red for months.
Argentine President Alberto Fernandez said last year –
cryptocurrencies are controversial and need caution. Cryptocurrencies assist with inflation hedging, he noted. He considers cryptocurrency a safe refuge.
Argentine high schoolers will soon study about bitcoin.
Argentina teamed with Built With Bitcoin to teach kids about bitcoin. 40 schools will participate in Schools and Bitcoin. The project leader said it’s important to acknowledge Argentina’s variety while presenting a subject. In 2019, citizens were limited to $200 per month in peso-to-dollar exchanges.
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