While increasing inflation has become a global problem, the resignation of the finance minister in Argentina, one of the countries with high inflation. cryptocurrency increased its purchases.
In Argentina, where interest in cryptocurrencies is high with inflation, the finance minister, Martin Guzman, announced his resignation.
After the minister’s resignation, the Argentine public is facing rising inflation and the peso. USD It has turned to cryptocurrencies to hedge against its continued decline against the United States.
As a result, pegged to the dollar stablecoin prices increased.
Argentine investors biggest stablecoin to hedge inflation after resignation heard Tether (USDT)’headed to.
Weekend USDTThe coin rose 11% against the peso, the country’s local currency.
The resignation at the weekend and the closure of traditional financial institutions at the weekend were effective in turning Argentine investors towards USDT instead of dollars.
In this context, the public, who could not get dollars from institutions, turned to USDT, the largest and most reliable dollar-pegged stablecoin.
Argentina’s three largest cryptocurrency exchanges after resignation USDT In a statement about the increase in purchases, he said that the public made such a move to protect themselves against high inflation and a possible devaluation of the Argentine peso (ARS).
As it will be remembered, Argentina in March, International Monetary Fund (IMF) signed a $45 billion loan agreement with
country in the agreement cryptocurrency There was also a provision to make purchases more difficult. Despite this agreement, cryptocurrencies continue to attract great demand and interest in the country.