From autocratic leadership that rocked the infrastructure like a dark storm to bright achievements in the field of arts, sciences, and of course, sports; Argentina has been through a lot. But the passionate citizens of Argentina, especially the peoples of Buenos Aires are always there for you to welcome you with an open heart. You will be greeted with music and rhythmic tango while passing through the colorful tin homes on the streets in La Boca.
In recent times, the citizens have been raising their voice demanding more solidity against the haze of high inflation. Now that they have dug open the government’s attempt to hide away the true inflation rate and creating an elusive economic growth, people are realizing their currency do not worth as much as they thought they do.
People are accepting Bitcoin for change
In a sense of a financial disaster, citizens have found it difficult in terms of converting their currency in to some stable currency before they drop even more. But that’s a bit difficult in Argentina, since exchanging currency is illegal there unless you are traveling out of the country. And even if you do file an application for travel, your currency exchange request still faces possible rejection during your proof of travel like visas. There are only a few lucky citizens can afford to travel overseas. And a 35% tax charge on any purchase outside the country using their credit cards is just like adding insult to injury. Every year people are seeing the value of their possession to drop by 25% due to steep inflation.
You do wonder, what are the options of the people of Argentina in terms of preserving the value of their properties? Well, many small businesses have already turned to an alternative option, Bitcoin, to escape from this economic anguish. With all these factors under consideration, the buildup of Bitcoin community in Buenos Aires is bit different from other parts of the world.
Because Buenos Aires acts as a junction for some of the major economic regions to the world economy, it is termed is classified as an alpha city. The city is the economic capital of the country.
The spread of technology has an impressive percentage in the country with 77% of the people owns mobile phones and 68% people have internet connection, highest in Latin America. And combine that with 96% literacy rate of 96%, and you got yourself a pretty amazing community. It’s no wonder citizens of Buenos Aires have found an alternative financial system.
Due to plummeting of the peso (Argentina’s national currency) people who deposited peso and lent dollars from the Banks, were not able to pay back. But there were some positives signs as Argentina became one of the most attractive destination for the tourists.
Tourism in Argentina
Tourism has become one of the key parts of Argentina as it contributes to 60% of the country’s economy. But the number of tourist asked to pay in bitcoin is increasing due to the high taxation on the income. Bitcoin will be even more favored in Latin America as the money regulations get tighter. One of the Bitcoin startup in Argentina is BITPagos that collects bitcoins from tourists and pays their suppliers back in bitcoins. It’s been confirmed that the use of their service by the merchants (in restaurants and boarding houses) has spiked in the recent times.
Bitcoin movement in Argentina
Bitcoin community in Buenos Aires is certainly heading in right direction with the hosting of the first ever annual Bitcoin Conference of Latin America in December. Genesis Block published a report saying the number of people attended in the conference were only behind the US, Canada and Israel.
Future of Bitcoin in Argentina
President of the Argentine Bitcoin Foundation, Diego Gutierrez Zaldivar, is expecting a bright future for Bitcoin. With almost 4 hundred people currently using Bitcoin and 4 thousand on the line to use next, Diego is hopeful of integrating Bitcoin into the Argentinian economy. The bitcoin conference certainly had a positive impact on the passionate citizens of Argentina. And with that passion, bitcoin community may thrive in Argentina.
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