Argentina Witnesses Surge in Crypto Adoption Amid Soaring Inflation
- Argentina has been dominating the crypto adoption with an annual inflation rate of 276%.
- Memecoins have not been the driving force behind crypto adoption in Argentina.
Coinciding with a meteoric rise in inflation, crypto popularity in Argentina has reached new heights. According to researchers from Forbes, Argentina has been dominating the Western hemisphere in crypto adoption with an annual inflation rate of 276%.
According to a Forbes report from July 8, experts found that among Western hemisphere countries, Argentina has the highest percentage of its populace using cryptocurrency. The analysis highlighted that out of 130 million visits to 55 of the major exchanges globally, 2.5 million were from Argentina, based on data from Similarweb.
Binance, one of the biggest cryptocurrency exchanges in the world, also has more visits from Argentina than any other market. Website traffic from Argentina makes up 6.9% of Binances total visitors, according to SimilarWeb.
Establishing Regulations Underway
Moreover, memecoins have not been the driving force behind crypto adoption in Argentina, contrary to the prevailing trend in the crypto sector. Based on comments made by Bitgets Latin America chief Maximiliano Hin, the analysts asserted that the locals would rather keep stablecoins like Tether.
Despite Argentinas absence of substantial efforts to safeguard stablecoin investors, owning USDT makes sense for individuals due to the countrys enormous inflation rates.
Argentina has taken a welcoming attitude toward Bitcoin and other cryptocurrencies, but the nation has allegedly had trouble establishing regulations for the sector. Argentina has recognized the use of Bitcoin in legally enforceable contracts in late 2023, after the swearing in of President Javier Milei.
Since then, Argentina has passed registration rules for crypto companies in April 2024, part of its efforts to regulate the local cryptocurrency sector.
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Read more: https://thenewscrypto.com/argentina-witnesses-surge-in-crypto-adoption-amid-soaring-inflation/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
