Argentina Defaulting? Crypto Only Way Out?
Central Bank... what are you doing now...
Argentina, a country that was once known for being the world's top export in meat and grain, a country that was once known for being a true economical powerhouse is now doing worse and worse...
It seems that the Central bank of Argentina is now imposing capital controls to stop their currency from collapsing! Any exporter that gets paid in a foreigner currency has now 5 days to change it for pesos, institutions will need an authorization from the bank to buy dollars from foreign exchanges and any individual Argentinian will have a max of $10.000 per month that they will be able to buy! This is what you get by having the state controlling the financial system.
With this system any Argentinian is now stuck in their country, if the country goes under (which has a high probability of happening), everyone that is hodling pesos will go under with the country and won't be able to get out with their own money... or will they?
This is why bitcoin and all cryptocurrencies are such a world-changing thing, cryptocurrencies aren't controlled by the state, no government can stop a Bitcoin transaction, no government can freeze your account! Even with these new "rules" that Argentina is imposing, Bitcoin can still be bought, traded, moved, mined, etc... you don't necessarily have to go down with Argentina, you can just store your value in Bitcoin! Even a stablecoin is a good idea...
Another hard place to remove your money from is China! China has many laws in place to stop money from leaving the country, even with these laws there are many ways to go around the system and remove your money from there, and to be honest, I don't know how much of these supposed "laws" isn't just China FUD from western media, but it's a fact that most tether volume comes from China! China loves using tether as a way to store value in dollars, to trade and to have access to external markets.
I don't like using most stablecoins, I would rather store my value in Bitcoin, I don't trust that stablecoins are backed up by actual dollars, but there are some that I trust more than others. If I had to choose I would go for USDC since they are partnered with Coinbase and Circle and I would go for DAI, which is backed up by actual cryptocurrency stored in a smart contract! Honesty and transparency are the keys to the future and DAI seems to have them both!
So, if any Argentinian is reading this, remember, cryptocurrencies are your friends! If you want to have access to an external market and need USD, you can go with tether, if you need to store your value in case Argentina turns into another Venezuela, store your value in crypto... don't let your government control you by controlling your finances!
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Question of the day: Do you think Cryptocurrencies utilization will increase in Argentina after this?
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Yeah, I think Cryptocurrencies utilization will increase in Argentina after this!
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Yeah, crypto was made exactly for these types of situations, when the whole economic system starts going down and rich people start jumping ship, crypto is the only way normal people get a safe haven.
Thanks for reading and for the Resteem!
Good stuff, man. It's important to have wealth that is outside of the system. When a system of debt finally collapses, all the people holding the debt are out of luck.
So true! And it's not when the system collapses that people should start looking for other alternatives, people should be proactive and do it before everyone else wants to do it!
Thanks for reading!
Similar to Venezuela, crypto will be an important way to store value and make it possible to move capital around. However, I have been reading more into these countries and think that Argentina has an advantage longer term given its be self sustaining with resources.
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I agree, and I do think that this new imposed "law" will help them out long term, this isn't the first time they are doing this, the only difference is that now citizens have a max of $10.000 to buy, while before they had $1000 if I'm not mistaken... Still, with the way our world is, with the smell of a recession in the air and student loan defaults almost defaulting in the US, I'm not sure if this measure will be enough.
Thanks for reading!
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crypto is the only way left
Indeed it is bud! Indeed it is...
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