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Crypto advocates on this forum frequently list Argentina as a specific use case ( ie getting around foreign currency rules/restrictions ), that would imply that
by wbsss4412 4y ago
Crypto advocates on this forum frequently list Argentina as a specific use case ( ie getting around foreign currency rules/restrictions ), that would imply that the market doesn’t just happen in “Cuevas”
- the_af 4y agoI admit I'm not too familiar with the (illegal) crypto thing. I wouldn't be surprised if it was run by the same cuevas. In any case, the situation I describe is historic; the cuevas have existed for decades and nobody does anything about them. As for the size: again, major operations -- the kinds that actually "move the needle" -- are done in the legal market. I seriously doubt crypto has any impact in Argentina.
- wbsss4412 4y agoRealistically I think the biggest impact is that people are hoarding dollars in offshore accounts rather than converting their currency.
- valcron1000 4y agoExactly this. Thanks to cryptocurrencies we can avoid a lot of this madness
- wbsss4412 4y agoThat’s one way to look at it. Another way to look at it is that crypto is strengthening the dollar’s foothold in Argentina and weakening the state’s ability to manage their own currency, to extremely detrimental effects.