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Argentina Takes Top Spot in Regional Cryptocurrency Adoption Rankings

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According to a Forbes study, the rate of crypto adoption in Argentina is greater than that of other countries in the Western Hemisphere. 

“Argentina’s crypto adoption is higher as a percentage of its global population than any other country in the Western hemisphere. Of 130 million visitors to 55 largest exchanges worldwide, 2.5 million came from Argentina.”

Argentina has been bullish on crypto for a long time now, boasting of the region’s highest adoption rate and emerging as a pioneer in the Latin American crypto market. Argentina’s high crypto adoption record is linked to its high inflation rate. 

The Forbes study also added that the Latin American country has had a cumulative inflation of 276% over the past 12 months. Therefore, as a hedge against inflation, Argentinians buy and hold USDT instead.

Argentina’s early adoption of cryptocurrency started in 2012 during an economic crisis. The country’s government established strict capital controls, restricting citizens from buying foreign currency or transferring money abroad. In response to the economic uncertainty, citizens sought alternative stores of value and medium of exchange, bringing Bitcoin and other cryptocurrencies into the picture.

Argentina’s crypto adoption increased further in 2018 after its currency experienced a major devaluation. Since then, the country has been bullish on crypto, even hinting at adopting it as a legal tender like El Salvador.

Argentina Might Adopt Bitcoin as a Legal Tender

In May, top officials from Argentina’s main regulatory body for the securities market, the National Securities Commission (CNV) met up with the president and vice-president of El Salvador National Digital Assets Commission (CNAD) to discuss El Salvador’s experience in adopting Bitcoin as legal tender.

The CNV leadership convened the meeting at their headquarters, where participants discussed El Salvador’s innovative decision to integrate Bitcoin into its financial system. Roberto E. Silva and Patricia Boedo, the president and vice president of the CNV, conferred with the president of the CNAD. 

In another report, an Argentinian airline, Flybondi, announced its plans to integrate blockchain technology and NFTs with its operations. Flybondi plans to allow NFTs as flight tickets, which customers can sell or give out three days before the flight.