The post Argentine Peso Crypto Trading Volume Grows by 400% This Year appeared on BitcoinEthereumNews.com.

Argentina’s local currency is the fast-growing crypto trading pair in Latin America. Argentines are increasingly using their local currency to trade digital assets , prompting the peso to have the biggest increase as a crypto trading pair in Latin America, according to the latest State of LatAm Crypto Markets report from Kaiko Research. The Argentine peso monthly trading volume against crypto is up by 400% this year, by far the highest increase among its Latin American neighbors. Crypto trading volume against the Colombian peso was the only other pair to increase, but only by 40%, while trading against the Brazilian real and Mexican peso declined, according to Kaiko. Trading Volume YTD Increase by LatAm Currency – Kaiko The impressive jump, according to Argentine’s in the country, comes from fear-induced dollar purchases prior to Milei’s election on Nov. 19, 2023. That fear, according to José Luis del Palacio, co-founder of Argentine exchange Decrypto, is what led to the increase of usage of pesos across crypto exchanges. “The demand is due to an expectation creep before last year’s election, and the possibility of even further devaluation of the peso,” he told The Defiant. Del Palacio explained that before the elections “nobody stayed in pesos” and that’s what drove the demand for digital dollars. But, when Milei’s government was elected, the devaluation didn’t take place. In fact, people had to sell dollars–dropping the free exchange rate from $1,300 ARS per USD to $970 because people had to pay their bills, and other financial responsibilities, Del Palacio said. However, now the market has “cleaned” those savings, and the dollar is back to $1,350. Slowing Inflation Argentines are now more willing to transact in their local currency as the country’s inflation rate is declining at the steadiest pace since last year. “It’s quite expected that…

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Filed under: News - @ July 4, 2024 5:08 am