Argentina is now the most prominent country in Latin America in terms of bitcoin inflows, overtaking Brazil in this regard.
Argentina’s cryptocurrency deposits reached around $91 billion between July 2023 and June 2024, according to a research published by Chainalysis on October 9th. This is in comparison to Brazil’s investment of $90 billion over the same time period.
Citizens of Argentina are looking for alternate ways to save funds, such as dollar-pegged stablecoins, which has led to an increase in the usage of cryptocurrencies. This boom in cryptocurrency use is partly driven by continued inflation and currency depreciation.
Argentina has created one of the biggest stablecoin marketplaces in the world, accounting for 61.8% of its transaction volume. This is much higher than Brazil’s 59.8% and far more than the average worldwide transaction volume of 44.7%.
Argentine stablecoin transactions, particularly those with a value of less than $10,000, are expanding at a fast rate, which is reflective of a tendency towards adopting these digital assets as a hedge against economic volatility.
In response to the growing demand for digital currency as a more practical alternative, Tether has turned its attention to developing regions like as Argentina.
Argentina has not yet established complete laws for the cryptocurrency industry, which is still for the most part uncontrolled, despite the fact that its presence in the cryptocurrency space is rising.
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