Cryptocurrency use in Argentina, a short sitrep from an investment subreddit mod ⋆ Crypto new media


Greetings! I’m one of the mods @ r/merval, a subreddit for argentinians looking for personal finance and investing advice. Just wanted to share with you guys my point of view regarding cryptocurrencies.

As you may or may not know, there are very strict capital controls in Argentina. Our currency, the argentine peso, has had raising inflation in the last 2 decades, from 1 digit to mid 2 digits in the last 5 years (around 50% last year and projected 40%+ for next year). In a sense, this is nothing new and argentinians have developed strategies to deal with it.

Usually this defaults to buying dollars, but it’s not uncommon for dollars to be very scarce to come by, which translates to a black USD market (called dollar “blue”). In the last years, cryptos have seen a boom in adoption, as a replacement for the blue dollar alternative. Not only access to stablecoins, of which USDT (traded via P2P mostly via Binance) and DAI (some local exchanges have ARS/USD on ramp and offer DAI) are the most popular.

And yes, you heard that right, crypto exchanges are legal here and there are a bunch, though many people avoid them to stay off the radar. To get a sense of how the market is flourishing here, you can check [https://criptoya.com/](https://criptoya.com/), a very popular website around our subreddit, which hosts the most popoular coins and exchanges with prices and other important bits of info for dealing with crypto here.

Slowly, the govt is probably going to catch up and tighten regulation, but so far, cryptos are used extensively as a way around capital controls: not only as a store of value, but also for international transfers, remitances, and receiving payments for freelancing, especially from contractors abroad. So there you go, if you have any questions feel free to ask. And if you’re curious, check out r/merval and [filter by “CRYPTO” flair](https://np.reddit.com/r/merval/?f=flair_name%3A%22CRYPTO%22).

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