Local economic crises trigger the use of cryptocurrencies

In the midst of economic and financial uncertainty in the United States about interest rates to stop inflation, and on the other hand the economic crises in countries such as Argentina and Venezuela are elements that trigger the use of cryptocurrencies as alternative means to safeguard the value of the economic income of workers and even institutions and nations.

In a recent article uploaded to the BBC Mundo portal in the Central America Counts segment, Veronica Smink, correspondent for Argentina, stated that, "15 years have passed since cryptocurrencies were born, with the invention of bitcoin, but in a large part of the world there is still distrust towards these virtual assets, which have not stopped multiplying".

According to Smink, "Although it is difficult to quantify the phenomenon, given that these are unregulated and decentralized activities, and therefore there is no entity that groups them together, there is ample evidence that many Argentines have adopted cryptocurrencies".

The truth is that one of those countries is Argentina, "A first clue is in plain sight: cities like Buenos Aires are full of street advertisements promoting crypto exchange sites."

According to 2cryptoasset expert and Technology and Business professor Rodrigo Civiello states that Argentina has an "explosive combo" composed of four factors that explain why many citizens have decided to adopt this new financial tool"

BBC. How the crisis has boosted the use of cryptocurrencies in Argentina (and why many prefer them to the dollar). Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: BBC