Bitcoin Is Going Through the Roof in Argentina While the Government Imposes N...
Argentina’s Senate approved an extraordinary one-time wealth tax to fight the coronavirus pandemic by seeking to boost government revenue and targeting millionaires with assets of more than 200 million pesos ($2.5 million). At the same time, the country still faces a 35% inflation. Argentinean Senate Approves New Taxes, While Bitcoin Keeps Skyrocketing Against the Argentine Peso According to El Pais, the measure, citing opposition parties’ statements, could “slow down the investments” in a country whose fiat currency, the Argentinean Peso (ARS) is highly devalued....
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Argentina is adding more economic restrictions to overseas purchases. According to the Associated Press, the government of Argentina is getting ready to add more restrictions to online purchases from foreign countries. Argentines are now limited to two purchases per year from outside the country, and they will have to fill out a large amount of extra paperwork if they want to go beyond that limit. Purchases that force an individual to crossover the maximum threshold are now considered imports. Argentines are already required to ask their government for permission before ordering goods from....
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....
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....
In response to surging inflation, Argentina has become an increasingly crypto-friendly country in terms of adoption. Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens' purchasing power.This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge....
The government of Argentina has begun to act in several directions to control the raging inflation numbers registered this year. Sergio Massa, minister of treasury, proposed a program called “Fair Prices,” to force retailers and producers to establish a fixed price on various products, to be maintained for up to 90 days. Argentina to Rely on Price Controls for Inflation Battle The raging inflation numbers that Argentina is facing this year have prompted the government to propose a series of actions directed to curb inflation during the last three months of 2022. Sergio Massa,....