The Argentine economy has gone through difficult times in recent months, only In May it came to occupy third place in the world ranking of annual inflation and the first on the podium of the monthly price increase in Latin America. On the other hand, the price of the blue dollar has already reached 492 pesos; In this context, the Argentine citizen has had to resort to other mechanisms, including cryptocurrencies, which allow them to protect themselves from the violent inflation and devaluation that plagues the country since the peso is no longer considered a safe asset.
In this sense, we have talked with Ramiro Raposo, Bitwage Country Manager in Argentinawho told us about the role of cryptocurrencies and the solutions as savings instruments that they provide to protect money in an inflationary context like Argentina’s.
“Today we have stable cryptocurrencies such as USDC or USDT, these are subject to the value of the dollar, that is, 1 to 1. A person can buy a stable coin and keep it in their virtual wallet, avoiding the inconvenience of getting dollars and keeping them Under the mattress”commented Raposo prior to also reviewing that against bitcoin, se was seeing a lot of preference and popularity for stablecoins lately.
“Argentines use these as a kind of digital dollar. A good example is the world of exporting services, where freelancers receive their fees in stablecoins avoiding pesification and managing to receive their payments in blue dollars”he explained.
Beat Argentine inflation with cryptocurrencies?
In Raposo’s opinion, Bitcoin and stablecoins are good tools to beat inflation, since the former acts like gold, and the latter, he points out, act like the dollar. “Any of these two options are a good investment to combat inflation and to preserve the value of our savings,” he pointed out.
“My advice is that you first read and inform yourself, that you know the difference between currencies and the difference between wallets. Once they know which route to take, it’s best to start small to become familiar with the methods and processes.”he added.
Lastly, Raposo wanted to give his opinion about the advantages of saving in cryptocurrencies instead of saving in the bank or buying dollars, and mentioned that the most important thing in his opinion was the financial freedom that they offered, since one could choose where to acquire them and where to host them.
“One of the great missions of crypto is decentralization. With cold wallets, one can keep their money without any risk and having full control of them. Much more practical than keeping dollars under the mattress or in the bank, which have previously betrayed us”he concluded.
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