Interest In Bitcoin Is Growing In Argentina

The Argentine Senate has approved new taxes, while Bitcoin continues to skyrocket against the Argentine peso.
This could slow down investment in a country whose fiat currency, the Argentine peso (ARS), is heavily devalued against bitcoin (BTC), experts say. The law aims to tax between 1% and 3% of the wealth of taxpayers.

At the time of writing, BTC/ARS ranges from 1,500,850 to 1,594,196, the all-time-high reached in early December 2020. It is worth noting that this price is not based on the parallel dollar known as the "blue dollar" that circulates in Argentina.

The director of the Central Bank of Argentina (BCRA) said in a recent presentation to the Argentine Chamber of Fintech that "the common enemy is cash." He stands for Transferencias 3.0, a future national payment network that will replace the Argentine peso and will be controlled by the Central Bank and three financial sector companies including Prisma, Red Link, Interbanking and Coelsa. Despite the interest of the Central Bank in replacing cash in the country, the local crypto community is somewhat skeptical about this idea.

Image: BitExpert