The currency of the South American country is getting cheaper.
According to a recent study, out of 1113 respondents who took part in a social survey in Argentina, 817 people (about 73.4%) believe that cryptocurrencies are a very interesting alternative financial instrument for saving money.
Analysts note that over the past five years, the country’s currency – the Argentine peso – has lost about 90% of its value against the US dollar. Argentina has faced a difficult financial situation this year, and just last week it managed to reach a $ 65 billion debt restructuring agreement. Economy Minister Martin Guzman noted that 99% of Argentina’s creditors agreed to cut the interest rate on payments from 7% to 3%.
However, despite the positive financial news, Argentines are showing increasing interest in cryptocurrencies. Moreover, 70% of respondents noted that they have invested their funds in digital assets at least once in their lives. Almost every second survey participant spoke positively about Bitcoin, noting its decentralized financial nature.
It is curious that the Argentine authorities themselves partly contribute to the growing interest of the local population in cryptocurrencies. The fact is that Buenos Aires is introducing de facto restrictive measures on the purchase of the US dollar, which thereby deprives the Argentines of access to the known method of hedging inflation risks.
Such measures brought to the situation when some crypto exchanges in the country began to experience difficulties with withdrawal of US dollars. This, in turn, has led to an increase in the popularity of OTC (over-the-counter) transactions for the purchase and sale of digital assets.
It is also worth noting that 12 cryptomats are currently operating in Buenos Aires, which allow transactions for the purchase and sale of cryptocurrencies. There are 13 such devices in the country, which is more than in France and Singapore. Argentine authorities are already discussing the future of digital assets with representatives of the cryptocurrency community.