In Argentina, exchange restrictions and strong tax pressure continue to hinder citizens from obtaining dollars, in a country whose official currency (the peso) has been greatly devalued in recent decades. In this context, Cointelegraph en Español spoke with experts and references from the crypto world, to see if cryptocurrencies can be a real alternative for Argentines. And these were their opinions:
Gabriel Vago, CEO of ArgenBTC:
I believe that, before each turn of the screw that they give to the stocks (common name that the exchange restrictions receive in Argentina), they indirectly generate that people, to look for alternatives, discover Bitcoin. Or maybe they already knew him and are giving him a chance. But more and more cryptocurrency users are being noticed.
That happens here in Argentina, beyond the world context. All the restrictions on saving in dollars generated that the public of Bitcoin in Argentina grows at very interesting speeds.
The inconvenience to obtain dollars in Argentina increases
Santos Barrio, Operations Manager Qubit Brokers:
It is becoming a general idea among the Argentine population that stablecoins such as DAI, Tehter, Paxos, USDC, etc. they are a valid equivalent to the dollar and something you can trust to save on.
People do not act like a year or two ago when they saved with the dollar in the bank or at home and they considered that crypto was a risky alternative or a type of “scam”.
Now there are restrictions on buying dollars at the bank, and the quarantine situation due to the pandemic means that, for example, in many places people cannot leave their homes either. In addition, in Argentina there is an annual inflation of 40 percent (some think it is higher).
So the way to protect yourself is to buy a dollarized asset. And what is accessible today are stablecoins. The most used here are DAI and Tether that allow dollarization.