It is no secret that Argentina is a struggling economy, as it has been for quite some time now. Inflationary currency is not helping matters for Argentinians and neither is the government’s tight control on transferring funds in and out of the country. Plus, with the majority of people unbanked, there are hardly any options of obtaining funds other than the Argentine peso.
Businesses Embracing Bitcoin As A Viable Option To Cash
Argentina’s financial ecosystem is creating a lot of headaches for businesses and individuals alike. Not only is it hard to move funds in and out of the country via bank transfer, but most consumers don’t even have access to a bank account or credit card. Exchanging the Argentine peso to a foreign currency, is possible, even though it is far from profitable to do so according to the government’s exchange rate.
Strict capital controls are a good way to alienate citizens from their government, and Argentina is one of the frontrunners of embracing that ideology. That being said, the door is wide open for alternate payment methods, such as Bitcoin, to have a major impact in a country with a cumbersome economy.
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