It’s another hit on the Argentinian coin, as Western Union recently stopped accepting money transfers from US dollars to pesos and the other way around. The decision was revealed at the end of May, when new rigid regulations on Argentina’s currency blocked a lot of exchanges. For instance, Google couldn’t even pay Android developers in the country.
And this is not the first time that Argentinian peso is in trouble. Moreover, in the last years, this coin has suffered with extreme inflation, becoming a devalued currency and a “victim” of extreme regulations. So, it’s not that strange that Argentinians are looking to invest their money in other options, such as cryptocurrency.
That’s mainly why Bitcoin users are growing like crazy in Argentina, especially after this recent announcement by Western Union. In this case, Bitcoin is a safe way out, since it allows the Argentinians to transfer their money safely… and more important, without paying any taxes.
And it’s not just about the transactions. Like we said before, with a devalued currency, Bitcoin can be a safe haven for Argentinian investors. Like the 99Bitcoins said before here, it’s an alternative to save their money from a bruised national economy and put it into the global market.
According to a recent documentary (learn more about it here) that tells the story of Bitcoin in Angentina, the locals see Bitcoin like a viable source of savings, much more than just having pesos in the bank. And not even the cryptocurrency’s volatility scares them, not more than the huge inflation levels, near 30 percent. Argentina may see Bitcoin as something legal, but the Argentinians look at it and see a valuable investment.