Stablecoins Becoming Attractive To Argentines After Economy Minister Quits
Stablecoins are now drawing the attention of people in Argentina after a top cabinet official resigned. As a result of the departure of Argentina’s economy minister in the face of a continuing economic calamity, Argentines ramped up their purchases of stablecoins throughout the weekend as they normally do. The cost of purchasing Tether’s stablecoin USDT […]
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Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges.
Dollar-to-Peso Exchange Rate Plummets Due to Political Uncertainty in Argentina
The rate that citizens in Argentina use to exchange the native fiat currency, the Argentinian peso, for dollars, has....
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....
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....
Argentina has been in a long-standing battle against rising inflation and a continued decline of the peso against the U.S. dollar. Argentina, a country with one of the highest crypto adoption rates in the world, saw the price of dollar-pegged stablecoins surge across exchanges on Saturday after the abrupt resignation of its Economy Minister, Martin Guzman. The minister’s shock exit, confirmed on his Twitter account on July 3 via a seven-page letter, threatens to further destabilize a struggling economy battling high inflation and a depreciating national currency. According to data from....
India’s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained. India’s Prime Minister Modi Sees Benefits of Digital Rupee Indian Prime Minister Narendra Modi reportedly highlighted the potential benefits of India’s central bank digital currency (CBDC), the digital rupee, on Wednesday while....