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I’m by no means an expert in Argentina nor its currency. However, don’t many Argentinians who work for US/European firms already get paid in USD? A few years

I’m by no means an expert in Argentina nor its currency. However, don’t many Argentinians who work for US/European firms already get paid in USD? A few years ago, I managed a team of developers and analysts. They were all paid in USD through a shell company, if you will. Everyone expected this. The first question new recruiting firms asked us was, “You will be paying in USD, correct?” We had one guy who had to be paid 50% in ARS because he had child support obligations, and it was a headache. Not because of the split on our side, but for the shell company. He was actually the lone ARS exception employee to be paid in ARS

fluoridation 3y ago
I'm not sure what you're getting at. The number of people who work directly for someone abroad and are paid in a foreign currency is practically insignificant.
- snapetom 3y ago
  The point was that there is already a bustling black market in Argentina not only for USD, but EUR and Crypto. https://devonzuegel.com/post/inside-argentina-s-currency-exchange-black-markets https://devonzuegel.com/post/inside-argentina-s-currency-exc... In cybersec, the Argentinian scene is also one of the hottest producers of zero-day vulnerabilities. Those get paid in crypto, which is then washed to USD/EUR locally.
  - fluoridation 3y ago
    Sure, but so what. The vast, vast majority of Argentinians are paid in pesos and can't save.
pinkpanther12 3y ago
The amount of Argentines who live in Argentina who get paid in dollars is ridiculously small, so small that I'd bet it's statistically insignificant. You're talking about an edge case - developers and analysts, of those developers and analysts, ones that are skilled enough (in their trade and in the english language) to work abroad, and lucky enough to get sought-after remote positions. There's also a very small number of people who are paid in a cryptocurrency tethered to the US dollar. However, remember that the vast majority of Argentines are paid in pesos. Even with salary adjustments, the vast majority of Argentine salaries cannot keep up with triple digit inflation. Bank accounts have a minimum of double digit interest rates and your money still loses value in relation to inflation. This is a large part of why the poverty rate has increased from a little under a third of the country to over 40% of the country.

fluoridation 3y ago

I'm not sure what you're getting at. The number of people who work directly for someone abroad and are paid in a foreign currency is practically insignificant.

snapetom 3y ago
The point was that there is already a bustling black market in Argentina not only for USD, but EUR and Crypto. https://devonzuegel.com/post/inside-argentina-s-currency-exchange-black-markets https://devonzuegel.com/post/inside-argentina-s-currency-exc... In cybersec, the Argentinian scene is also one of the hottest producers of zero-day vulnerabilities. Those get paid in crypto, which is then washed to USD/EUR locally.
- fluoridation 3y ago
  Sure, but so what. The vast, vast majority of Argentinians are paid in pesos and can't save.

pinkpanther12 3y ago

The amount of Argentines who live in Argentina who get paid in dollars is ridiculously small, so small that I'd bet it's statistically insignificant. You're talking about an edge case - developers and analysts, of those developers and analysts, ones that are skilled enough (in their trade and in the english language) to work abroad, and lucky enough to get sought-after remote positions. There's also a very small number of people who are paid in a cryptocurrency tethered to the US dollar. However, remember that the vast majority of Argentines are paid in pesos. Even with salary adjustments, the vast majority of Argentine salaries cannot keep up with triple digit inflation. Bank accounts have a minimum of double digit interest rates and your money still loses value in relation to inflation. This is a large part of why the poverty rate has increased from a little under a third of the country to over 40% of the country.