Argentina Embracing Cryptocurrency as Final Straw to Economic Downturn

The Argentinian government has taken a step toward embracing cryptocurrency to help its economy. The country, which has been plagued by economic problems for some time now, is looking at blockchain technology and cryptocurrencies to get out of its current situation.

Cryptocurrency for Survival of Argentinians

Argentina has been struggling with inflation and economic decline for over 15 years. The country has seen its currency lose value in the past decade, leading to an uncertain future for Argentinians who are already struggling to make ends meet. To improve things, the Argentinian government has introduced new laws that will allow citizens to pay tax obligations in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash, and XRP. This move will allow individuals and companies to use digital assets as a payment method for taxes. This decision comes when Argentina’s Peso value continues to decline, making it difficult for ordinary people to make ends meet.

Argentinian Government Embracing Cryptocurrency

The country has also been working towards creating a regulatory framework for embracing cryptocurrency. This includes granting licenses to exchanges like Bitex Exchange and Cryptobuyer Exchange, which were previously operating without licenses or authorization from regulators. As a result, many Argentinians have begun turning to cryptocurrencies such as bitcoin and any other cryptocurrency for survival.

Final Verdict

As the popularity of bitcoin, Ethereum, and other cryptocurrencies grows all over the globe, it is no surprise that the people in Argentina would turn to the new technology as a final attempt to help stabilize their economy and use cryptocurrency for survival. Hopefully, if this plan manages to pull through, it will serve as a beacon of hope for the people living in other countries who are struggling with their economies.

Find more at:

BBC: https://www.bbc.com/news/business-60912789

Bloomberg: https://www.bloomberg.com/news/articles/2022-05-05/argentina-slams-brake-on-crypto-banning-purchases-through-banks

The Block Crypto: https://www.theblockcrypto.com/linked/145399/argentinas-central-bank-blocks-financial-institutions-from-offering-crypto

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