>As a result, BTC and ETH are not so common for daily use in Argentina. Stablecoins such as USD-T, USD-C, and TRON are a more popular solution because they are pegged to a more stable currency (usually, USD).
Interesting. So in this case, cryptocurrency is sort of used as a loophole to give people access to the US Dollar? The article seems to suggest that users prefer low-fee stable-coins over the conventional currencies. But it seems like it's only a matter of time before the government cracks down on these sort of transactions, especially given their public and centralized nature, no?
Except importers, people can't buy the official dollar. Most people can't buy the 200 dollars a month that the central bank allows, with a tax of 75% over the official value. Then you have the markets dollars, the MEP and CCL, which are more expensive (~100% more than the official).
All of these types of exchange are setup to make the process painful as possible because they want to stop draining the federal reserves.
With USDT et al you can buy it much much easier, out of reach of the AFIP if done correctly, and you are safe against the high inflation (78% for 2022 so far). This crypto dollars are normally cheaper than the MEP&CCL and more expensive than the others.
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[ 2.8 ms ] story [ 16.4 ms ] threadInteresting. So in this case, cryptocurrency is sort of used as a loophole to give people access to the US Dollar? The article seems to suggest that users prefer low-fee stable-coins over the conventional currencies. But it seems like it's only a matter of time before the government cracks down on these sort of transactions, especially given their public and centralized nature, no?
Except importers, people can't buy the official dollar. Most people can't buy the 200 dollars a month that the central bank allows, with a tax of 75% over the official value. Then you have the markets dollars, the MEP and CCL, which are more expensive (~100% more than the official).
All of these types of exchange are setup to make the process painful as possible because they want to stop draining the federal reserves.
With USDT et al you can buy it much much easier, out of reach of the AFIP if done correctly, and you are safe against the high inflation (78% for 2022 so far). This crypto dollars are normally cheaper than the MEP&CCL and more expensive than the others.
I'm on my phone, sorry for the typos.