Global inflation rates continue to rise. However, developing countries suffer more than developed countries. Among the countries in this difficult situation, one of the most prominent was Argentina. Argentine Finance Minister Guzman resigned due to the intense inflation and high cost of living in the country. The resignation created panic in the country and caused public to flock to an altcoin project. Here are the details…
Argentines flock to this altcoin project
After the resignation of finance minister Guzman, the public turned to cryptocurrencies. Argentine citizens turned to investment instruments that they saw as safe as everyone else did during the crisis. Accordingly, the public turned to Tether (USDT), which is among the largest altcoins indexed to the dollar. On Saturday, USDT rose 11% against the Argentine peso, Argentina’s currency. In fact, the reason the public turned to USDT instead of the dollar was that traditional financial institutions were closed for the weekend. Accordingly, citizens who could not buy foreign currency during the day flocked to stable digital currencies such as USDT. As a result, the value of USDT increased by up to 11% against the Argentine peso. On Binance, the world’s largest crypto exchange, the USDT/ARS parity rose 6.6% to 256 Argentine pesos. In another cryptocurrency exchange called Lemon Cash, the increase reached 11%. With the rise, one USDT was equivalent to 279 ARS.
Argentina makes it harder for its citizens to invest in altcoins
Argentina had borrowed $50 billion from the IMF in recent months due to its economic problems. But the IMF loan required a commitment. Accordingly, Argentina would make cryptocurrency transactions more difficult at the request of the IMF. However, data from Chainalysis shows that this doesn’t quite work. Two-thirds of Argentina’s citizens invest in crypto as an escape from high inflation. According to experts, people are turning to altcoin projects such as USDT due to the loss of their investments as a result of the depreciation of the peso. cryptocoin.com As we have reported, Tether has recently been the target of some negative criticism regarding USDT issuance. However, the company seems to have overruled these criticisms by succeeding in meeting the demand on the basis of Argentina.
What’s going on in Argentina?
Argentina is going through tough times due to its 60% annual inflation. The country is among the countries with the highest inflation after Turkey. However, the resignation of finance minister Martin Guzman last weekend only fueled the panic. It was noteworthy that the resignation was made at the weekend, when traditional markets were closed. As a result, the public flocked to altcoin projects, the only investment vehicle they could reach. Guzman’s resignation represents a major blow to the current government in the country. So far, the government has not appointed a new finance minister.
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