- The blockchain analysis firm also revealed that in terms of the stablecoin market Argentina holds the first position around the globe.
- Natives of the nation have shifted towards crypto adoption as the country was going through long battles with inflation for more than 10 years.
- The share of Brazil stood at 59.8% and Columbia went to 66%. If we talk about the global average it stands at 44.7%.
Argentina has shown an outstanding performance in terms of overall crypto inflows. The country has also surpassed Brazil in this sector.
Chainalysis, an American blockchain analysis firm gave its report on October 9 in which it revealed that a total inflow of about $91 billion has been marked in between one year starting from July 2023 and ending at June 2024. The inflow is mainly registered from the deposit of a significant amount of crypto in Latam.
Argentina went ahead of Brazil with a difference of only $1 million. In the same period when Argentina marked $91 billion of inflows, Brazil registered about $90 billion of estimated inflows.
Natives of the nation have shifted towards crypto adoption as the country was going through long battles with inflation for more than 10 years as well as the local currency lowered its revalue. As a result, the natives have to find substitutes for saving in terms of crypto.
The blockchain analysis firm also revealed that in terms of the stablecoin market Argentina holds the first position around the globe with reference to that share of stablecoin transactions. In the Latam region, it is one of the leaders in the market.
Shares of different countries
Between July 2023 and June 2024, the share of stablecoin transaction volume totaled 61.8% in Argentina. At the same time, the share of Brazil stood at 59.8% and Columbia went to 66%. If we talk about the global average it stands at 44.7%.
The share of retail-sized stablecoin transactions of Argentina which is not more than $10,000 is growing significantly. The recent inflation and lowered currency revalue have shifted the natives of Argentina to rely over stablecoins.
The report mentioned that, “ The Argentinians are showing more interest in cryptocurrency rather than that of official economic policy mentions the significant role that crypto holds in an unstable market. It also shows the interest of citizens and their move of handling the financial futures.”
Argentina- A crypto friendly country
We can now position Argentina in the category of a crypto-friendly country. Lately in 2023, Bitcoin came into legal binding contracts soon after Javier Milei took the charge of President in December 2023.
Now, when Argentina is growing faster in terms of cryptocurrency use, the government is planning to oversee the developing market.
As per the reports from Forbes, the Argentine republic fought to offer regulated cryptocurrency related services to the natives regardless of the authorities pushing several regulations for the same. At the same time, some developed countries have so far introduced the regulations.
