Buda, one of Peru’s most prominent crypto exchanges, revealed that the country has seen a sudden increase in digital assets trade as the first phase of the nation’s presidential ballot continues.
Many credit this to the expected win of an interventionist candidate, who remains famous because of this unique approach to recover the beleaguered economy. Amidst the first phase of the elections, the crypto trades surged more than 24 percent, with the BTC trades leading the way.
The most favorite candidate in the elections is Pedro Castillo. He has captured that limelight, thanks to his interventionist policies, including nationalizing the key government departments, including mining, oil, telecommunications, and railways.
Experts suggest that people might be turning towards virtual currencies amidst the rising concerns of a potential devaluation of the currency if Castillo manages to win the polls.
However, if this government and policy change does not happen in Peru, there are chances that the country might be on the verge of the biggest crypto boom it has ever seen. The latest poll suggests that Castillo led the polls with nearly 44 percent, while his opponent was still struggling at 34 percent.
Although it is too early to predict the imposition of new policies in Peru, an interventionist approach is likely to devalue the currency, leading people to widespread adoption of digital assets.
An identical situation in Argentina and Venezuela led people to use digital assets as an alternative to highly devalued currencies. Virtual currencies are the best way out in such a situation as it is something not controlled by the state institutions.