Earlier this week, Argentinians suffered from another wake up call. Western Union will no longer accept money transfers between USD and Argentinian Pesos. At the end of May, new stricter regulations on Argentina’s currency exchange prevented Google from even paying Android developers. With extreme inflation, a devalued currency, and increased and extreme regulations, Argentinians are looking to invest wisely and find alternative methods for buying and selling goods. The Bitcoin community is constantly growing in Argentina, but this week’s announcement by Western Union will inevitably spark an even greater interest in the Bitcoin currency.
With a devalued Argentinian Peso, Argentinian citizens are looking to invest in a currency with a potential for greater value. Bitcoin permits Argentinians to not only have control over currency apart from a centralized source but also an opportunity to purchase products with ease internationally. Bitcoin opens the door to the global economy and allows for Argentinians to purchase goods from sellers within the country and internationally.
With a crippled national economy, Bitcoin brings life and opportunity to the financial future of many Argentinians. As Forbes Contributor, Jon Matonis highlighted in his article, “Bitcoin’s Promise in Argentina,” the benefits of Bitcoin when compared to paper cash are high. Recently, BitcoinFilm.org produced a short documentary about Bitcoin in Argentina. As Argentinian leadership continues to impose price controls and monetary exchange restrictions, the Bitcoin community continues to grow and thrive.
For most Argentinians, Bitcoin is a more viable source of savings, than pesos in the bank. With inflation nearing 30, Argentinians are less concerned about the volatility of the Bitcoin currency than the government permitted devaluation of the Argentinian Peso. With the black market as the main means for acquiring the US dollar in Argentina, Bitcoin is not only legal, but a more valuable investment for Argentinians. When faced with the decision to hold onto a devalued currency or take the step to invest in the Bitcoin currency with great potential for growth, Argentinians should have an easy decision to make. La Revista de Bitcoin quiere dar felicitaciones a la communidad de Bitcoin en Argentina por el crecimiento de Bitcoin en este país.