Bitcoin Traders In Argentina They Are In A Difficult Situation

Argentina, a country battered by sky-high inflation, is restricting Bitcoin traders from buying U.S. dollars at the official exchange rate in a bid to tame capital flight.

The country’s central bank said in a statement that those who bought Bitcoin or any other digital asset in pesos in the past 90 days will not have access to the only free exchange market and must buy dollars at the official rate.

Crypto market

The aim here is to prevent money from leaving the country, no state wants money out of its country. If a person or company has pesos in their account and uses them to buy US dollars on a regulated exchange, they can use those dollars to invest in digital assets like Bitcoin.

Related : Prince Philip Of Serbia Calms Rumors Of Arab Country Bitcoin Adaptation

El BCRA prohíbe a las empresas importadoras y personas humanas acceder al dólar oficial si compararon criptomonedas con PESOS en el día que solicitaron el acceso al mercado y en los 90 días previos.

Finanzas Argy

US dollar leaving the country means a blow to the argentina economy. In the South American nation—which has the third largest economy in Latin America—the country’s center-left administration of President Alberto Fernandez is tightening currency controls and raising interest rates to get inflation under control.

Murderer Of Murderers

Argentina has one of the highest inflation rates in the world. Right now, annual inflation in the South American country stands at 64%, according to the central bank. High inflation means that the prices are increasing day by day, reduction in purchasing capacity, expensiveness, hunger. Shortly country killer.

Crypto is very common in Argentina , the main reason for this is high inflation in the country , people do not want to sacrifice their money to inflation. They want buy much more bread , they want spend more money. Strong stance against inflation does not apply to the peso that is why people buying Bitcoin

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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