Following the resignation of Argentina's economy minister Martin Guzman on Saturday, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend. andresengler reports
Following the resignation Saturday of Argentina's economy minister Martin Guzmán amid an economic crisis, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend, crypto companies in the country told CoinDesk.
Three major crypto exchanges said that consumers were looking to hedge against a potential devaluation of the Argentine peso , whose buying power has plummeted over the past year as inflation skyrockets. Following Guzman’s resignation, the peso depreciated about 15% against the stablecoins DAI and tether on several leading local exchanges' platforms. Both stablecoins rose from ARS 245 on Friday to ARS 280 over the weekend.
“Whenever there is one of these news stories in Argentina, because of the 24/7 nature of crypto, it is the first market where Argentina starts to look for a price for the U.S. dollar. This drives volumes up,” Sebastian Serrano, CEO of the Argentina-based crypto exchange Ripio, told CoinDesk. Guzmán’s resignation is part of the latest fallout from a fight between Argentine President Alberto Fernandez, and the Vice President, Cristina Fernández de Kirchner, over the economic direction of the country, which saw
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