Amid the political chaos in the country, Argentinians enhance crypto after the Economy minister resigned, allowing locals to open their arms towards stablecoins like USDT so let’s read more today in our cryptocurrency news.
The South American country was battling high inflation and strong monetary instability but the problems only got worse after the Minister of Economy Martin Guzman resigned. Amid the economic chaos, Argentinians enhance crypto and showed bigger interest in stablecoins and there are multiple exchanges such as Binance that informed the cost of buying Tether with the Argentinian peso surged dramatically.
One of the biggest countries in South America has not been in its best form in the past few years. While during the first decades of the 20th century the nation was among the top 10 wealthiest per capita, things are looking much worse today. The inefficient production, the huge foreign debt, and the dictatorship regimes caused Argentina to hit high inflation rates and now the global turmoil by the COVID pandemic, only made things worse.
In 2019, the government appointed Martin Guzman as the Minister of Economy and during his reign, he managed to reduce the public foreign debt but the citizens had a hard time receiving bonuses and food cards. The inflation rates in the country surged to over 60% and the shortages of diesel fuel led to Guzman’s resignation. Some people in the country shifted their focus towards crypto and stablecoins but the data from CryptoYa revealed that the price of USDT measured in ARS spiked on a few exchanges.
It is worth noting that Argentina is among the countries that have the biggest crypto adoption rate and as such, it ranked 10th surpassing Brazil, Russia, China, and South Africa. Another country having a hard time with inflation in Turkey. The national currency lira crashed and it cannot restore to previous levels. To combat the issues, Turks turned to BTC and Tether as they will allow people to buy the closest available option for the dollar but on the blockchain.
It sounds logical that locals will turn to gold as the country’s most important and employed investment instrument before dealing with crypto but the government also urged the population to turn over the precious metal holdings and help support the economy.
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