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10/07/24
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Argentina is Experiencing Significant Crypto Adoption
More people continue to adopt crypto in Argentina as inflation rates continue to rise. Forbes’ analysts noted that the country’s annual inflation rate has risen by 276 percent and crypto adoption is at a significant level.
Similarweb’s data shows that 2.5 million visitors from Argentina visited 55 of the largest exchanges globally, relative to a total of 130 million visitors from across the world. This shows that the country’s crypto adoption is greater than other countries in the Western hemisphere.
The same data shows that 6.9 percent of total visits to Binance are from Argentina, suggesting that Argentinians are among the top users of the crypto exchange. However, the rising memecoin trend across the crypto space is not responsible for the increase in crypto adoption in Argentina.
According to Bitget’s head of Latin America Maximiliano Hinz, Argentinians prefer holding stablecoins such as Tether. “Argentina is an anomalous market where many people buy USDT and don’t leave room for much else. We don’t see this elsewhere. Argentines buy spot Tether and don’t do anything with it,” said Hinz.
Argentina has a friendly stance on crypto, but creating a framework to regulate the industry has been somewhat unattainable. Four months ago, Argentine authorities revealed what will be required of virtual asset service providers to carry out activities legally across the country, as they are now implementing the rules and regulations.
Specifically, the Comisión Nacional de Valores (CNV) revealed that the Registry of Virtual Asset Service Providers (PSAV) has been created and interested parties must enter the personal data required to be able to operate in the market.
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