Argentina has emerged as a leader in crypto adoption within the Western Hemisphere, driven by staggering inflation rates of its local currency, the Peso, which reached 276% over the past year.
According to Forbes, approximately 2.5 million Argentinians are active users on top crypto exchanges, primarily trading stablecoins like USDT (CRYPTO:USDT) to hedge against currency devaluation.
This trend is exacerbated by complex access to the dollar through official channels, prompting citizens to seek alternatives.
The surge in crypto transactions, totaling $85.4 billion by mid-2023, emphasises the significant role of digital assets in Argentina's economic landscape.
President Javier Milei's pro-crypto stance signals a potential shift towards dollarisation, aiming to stabilise the economy and reduce government corruption associated with currency manipulation.