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Author Topic: Argentina Runs to Stablecoins Amidst Political and Economic Uncertainty  (Read 931 times)

sirty143

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Argentina Runs to Stablecoins Amidst Political and Economic Uncertainty



Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. See more for yourself here.

Your opinion is greatly appreciated.

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owej90

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"The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges."

I don't think the author of the article understands what Stablecoins are.
Stablecoins are called that way because their price doesn't depend on marke demand of them.

The price of a stablecoin depends on the price of what that stablecoin is pegged to, or backed with: gold, silver, dollars, yen, copper, orange juice, etc.
A Stablecoin whose price rises by 11% because of risen demand of it (in the case or Argentina, because of political and social turmoil), isn't a stablecoin.
A coin whose price goes up and down by 11% isn't stable, that coin can't work as stablecoin.




"The situation has caused Argentinians to rush to exchange their pesos for foreign currencies like the U.S. dollar and also for dollar-pegged stablecoins like USDT."

A Stablecoin is a coin which preserves the buying power.
A dollar-pegged stablecoin is a coin which currently is losing 9% p.a. of its value, as the USD, which that stablecoin is pegged to, is losing 9% p.a. of its buying power, according to the last inflation data in the USA.
A coin which is losing 9% of its buying power is not a stablecoin.

It is terrible to see people trying to save their wealth, and in doing so making a choice which they know already will make them lose 9% of their wealth within a year.











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Alcor

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Indeed, the article talks about the growth of stablecoins by 11 percent. I re-read the proposed article, I thought that we were talking about some specific stablecoins. But only USDT stablecoin is mentioned. Of course, this stablecoin cannot fall in price that much. It can deviate from unity, that is, from the dollar, only by a few hundredths of a percent.
But in general, it is possible to understand the inhabitants of Argentina in this case. With political instability and rising inflation, stablecoins can indeed be a safe haven for their savings.

Bobcrypto

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In addition, beside Agentina economic and political instability, I think that there are several other nations that are also facing difficult situation especially due to high inflations in the US, some part of Europe, this year. Stable coin can safeguard against high inflation and guarantee the values of fait currencies over times.
Again, with Stable coins, like USDT, Busd, Usdc, the confidence through the Blockchain becomes the only alternative in my opinion.
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Stablecoins can really protect people from high inflation of the national currency. This is actually a purchase of the currency that these stablecoins are backed by. Previously, central banks could impose certain restrictions on the purchase of foreign currency, but with the advent of stablecoins, they have lost such a regulatory lever. Therefore, stablecoins are really useful for people.
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Astra

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If political and economic instability increases sharply in a country, which is accompanied by explosive inflation, then the use of stablecoins, backed by the currency of world states, can really be a temporary way out of this situation. After all, this is almost tantamount to the transition to the use of fiat of these states. The current private stablecoins also have their risks, but they are everywhere.
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Carbitcoin

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Re: Argentina Runs to Stablecoins Amidst Political and Economic Uncertainty
« Reply #6 on: September 04, 2022, 09:18:52 AM »
The adoption of cryptocurrency initiatives in the Latin American region is gaining momentum.  A recent study found that about 12% of the Argentine population own digital assets and use them as a tool to fight inflation.
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