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Argentina is literally in that situation now. The government charges a surplus 30% tax on any foreign currency purchase (cash, Netflix, anything outside the cou
by Izikiel43 6y ago
Argentina is literally in that situation now.
The government charges a surplus 30% tax on any foreign currency purchase (cash, Netflix, anything outside the country), and only allows you to buy 200 usd a month legally.
The inflation rate is over 50% there, Bitcoin is more stable than the Argentinian peso.
Basically, the government has made it illegal for you to legally save money on a different currency than the Argentinian peso.
- davidgerard 6y agoand yet, bitcoin use is still negligible.
- Izikiel43 6y agoNever said it wasn’t, o just mentioned a case where it’s useful.
- centimeter 6y agoSounds like it's actually quite popular there now https://www.nasdaq.com/articles/economic-uncertainty-restrictions-in-argentina-show-power-of-bitcoin-2019-12-11 https://www.nasdaq.com/articles/economic-uncertainty-restric...
- eigenvalue 6y agoHow would you even know that? Most of the value in terms of pesos would be from a small number of wealthy people who have a very strong interest in secrecy, and are likely using VPNs and other means to shield their activities. My guess is that, for wealthy people who are somewhat tech savvy or know someone who is who they can trust, it's a very good option. Certainly better than sending relatives on a plane with $9k in USD cash to get it to a relative abroad for safe keeping.
- adamsea 6y agoDepends if we measure use by number of people moving, amount of currency moved, or something else.