Argentina trades $50k of bitcoins
A record $50,000 of bitcoins were traded in Argentina during the second week of April. Bitcoin's sixfold price increase this year is enticing to Argentines whose savings have been taking a hit from 25% annual inflation. Local agent Rodolfo Andragnes said that while local trading of bitcoin still equals less than 0.1% of the almost $1 billion of Argentina's foreign exchange transactions on a weekly basis, it has more than doubled since February. "Some Argentines are willing to take very risky investments and bet on this thing which feels almost like a Ponzi scheme because they feel their....
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The use of bitcoin has more than doubled in the past year in Argentina as government controls have delivered economic stagnation and double-digit inflation, according to the London, U. K. -based Financial Times. The government has restricted access to foreign currency and created an overvalued currency exchange rate. One small business owner, the owner of a budget hostel in Buenos Aires, has found bitcoin helpful in the face of the country's overvalued currency exchange rate. She takes credit card payments from foreign tourists in return for bitcoin. She can then sell bitcoins on....
A new crypto tax paradigm is brewing in Argentina, where two provinces have now approved crypto tax laws. This means that Argentinian citizens must disclose their cryptocurrency holdings and pay taxes according to the trades they do in the provinces of Tucuman and Cordoba. This is because cryptocurrencies have been grouped with all other international currencies, and are therefore subject to tax.
Cryptocurrencies Will Be Taxed in Certain Provinces of Argentina
Cryptocurrency taxes have arrived in Argentina, at least in certain provinces. Now, users that trade and hold....
The difference in the official and unofficial rate for Argentinian pesos is now so pronounced that at least one bitcoin exchange has acknowledged it. Localbitcoins.com has decided to publish a 'blue dollar' exchange rate for the currency. The escrow-based decentralised bitcoin exchange service has produced a symbol for the blue dollar rate called XAR, and is using it to calculate bitcoin exchange rates. The black market rate in Argentina is a result of rocketing inflation, and tension over a possible default. This has led Argentinians to hoard dollars, while the authorities have imposed....
Something BIG is happening in Argentina... From December 7 through 8, Bitcoin enthusiasts and those interested in learning about this digital, decentralized phenomena will gather in Buenos Aires, Argentina for the first Latin American Bitcoin Conference hosted by the Fundación Bitcoin Argentina. Why Argentina? The Argentinian Bitcoin community is rapidly growing in reaction to national economic strain, but most importantly due to the opportunities Bitcoin represents as a disruptive technology and economic growth potential. With an inflating Argentinian Peso and limited access to additional....