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Argentina, Crisis, "Cuasi Moneda" and Crypto.

The Argentine economy has a history of crises, and with each crisis, a new way of dealing with financial instability emerges.

In the 2001 crisis, the country experienced a major economic collapse, and in response, some provinces began issuing their own coins, known as "Cuasi-Monedas" (Quasi Money).

These currencies were not backed by the government but were accepted by businesses and individuals as an alternative to using the Argentine peso, which was confiscated by the central government.

"Cuasi-Moneda" was a short-term solution to a long-term problem. The Argentine economy has been plagued by high inflation and currency instability for decades. As a result, many Argentines have lost faith in the traditional financial system and are looking for alternative ways to store their wealth and make payments abroad.

Crypto-assets, such as Bitcoin and Ethereum, offer a possible solution to these problems. Crypto-assets can be used to make online payments without the need for a bank account. As a result, crypto-assets have become increasingly popular in Argentina, where they are considered a form of protection against inflation and economic instability, but above all, to be able to make international payments due to a lack of dollars at the Central Bank.

Every day, it is becoming more difficult for Argentines to make international payments in the country. From the industry to little things like a subscription payment of a personal service.

At the same time the rise of crypto-assets in Argentina has raised concerns about the potential for money laundering and other illicit activities. However, the government is taking steps to regulate the crypto industry.

The future of crypto-assets in Argentina is uncertain, but there are a number of factors that suggest they will continue to grow in popularity. First, the Argentine economy is struggling with high inflation and currency instability, which will continue to drive demand for crypto-assets as a way to protect wealth. Second, the government has taken steps to regulate the crypto industry, which will help legitimize it and attract more investors. Finally, the payment system through crypto-assets will fulfill a function that the state through local currency cannot.

Overall, the rise of crypto-assets in Argentina is a positive development. Crypto-assets offer Argentines a way to protect their wealth and make payments without needing a bank account and relying on the government to make international payments. As the crypto industry continues to grow in Argentina, it is important that the government regulate the industry effectively to prevent money laundering and other illicit activities.

Why is risk monitoring important?

Since most crypto-asset transactions are with "anonymous" counter-parties, the common person can get caught up in some illegal operation without knowing it. Likewise, knowing the risk of the "wallets" with which the exchanges are made is imperative so that the common person, investors, and financial institutions can operate securely and comply with international regulations.

In general, if the government does its homework, the future of crypto-assets in Argentina is bright. They offer a number of advantages over traditional financial instruments and are well-suited to the Argentine economy. As the industry continues to grow in Argentina, crypto-assets are likely to become increasingly popular as a way to store wealth, make payments, and invest.

The News Room #declassify


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