Amid the rising inflation in Argentina, the people in the Latin American country are now using cryptocurrencies and other digital assets to offset the crisis. While talking to the AFP on Wednesday, Binance’s South American head, Maximiliano Hinz, stated that the world’s most famous exchange saw the number of new account registrations for crypto investments surged ten times in the last two years.
Although most Argentinians invested in the US dollar to offset the effects of severe inflation, the low interest rates and government taxes have forced people to use digital assets to end their economic hardships before the adoption of crypto assets.
Hinz further added that as per Binance’s data, the country of 40 million has a total of two million registered trading accounts. Besides that, the beleaguered Latin American countries, Argentina and Venezuela, are the main crypto poles in the continent.
These days, most people in Argentina resort to using digital assets to buy anything, including cars, electronics, and other things. Mercado Libre, a prominent South American real-estate giant, announced last week that it would start accepting payments in Bitcoin.