Surging inflation forced people to adopt cryptocurrencies and it is helping crypto friendly businesses to accept payment in crypto assets in Argentina.
Argentina is not a good region for crypto adoption, as there are no rules & bodies to regulate the crypto sector. Over the decade, the country faced huge inflation in the economy, which forced people to invest their money in Gold, silver, Bitcoin, stablecoins, etc.
CrypStation is a coffee shop in Argentina, which has two branches in the capital, Buenos Aires. The coffee shop owner revealed that “crypto payment user” customers surged by 10-fold over the last 12 months.
Around 10% of the customers of this coffee shop use crypto assets to pay their bills.
The coffee shop also revealed that 6 out of 10 crypto payment users use USDT (Tether) to pay the bill, which means the majority of the crypto investors in the country are looking toward the US dollar as the best option under these situations.
Inflation & restrictions
At present, inflation in Argentina is very high compared to any other country. Over the last 12 months, the country saw 104% inflation, which means the value of its sovereign fiat currency Peso plunged by nearly 104%.
Recently the central bank of this country ordered all the banks to terminate their banking services for all the Crypto companies, to keep the Crypto risks away from the company.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.