Bitcoin Appeal Shines Amid Capital Controls in Argentina
While the recent capital controls in Greece have led to an influx of bitcoin transactions, the cryptocurrency is just starting to gain appeal in Argentina, which has had capital controls since 2011. The South American nation has been restricted access to foreign currency while double-digit inflation and an undervalued currency has led to weaker business activity. Because of that, small businesses are starting to recognize the appeal of bitcoin in the international sphere and how it can potentially save their profits. For one, online merchants can be able to gain profits in bitcoin instead....
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If the level of participation shown by meetup attendance is a reliable indicator, Bitcoin interest appears to be rising in Argentina. The country's 25% annual inflation rate gives its residents a stronger incentive to consider Bitcoin as a safe haven than the residents of almost every other nation, and many observers have noted how Bitcoin is natural fit for the circumstances surrounding the inflation-plagued Argentine population. There is one obstacle to overcome, however, before Bitcoin can enter Argentina or other nations with similar financial situations. Part of the reason that....
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....