June 16, 2024

Argentina sets BTC trade record amid new CB restrictions

Last week, in the two most popular markets in South America - Argentina and Venezuela - volumesBitcoin trading reached new records.

According to the Coin Dance resource, over the pastDuring the week, more BTC transactions were carried out in Argentina and Venezuela than ever before. During this period, 19.4 million Argentine pesos (ARS) were involved in Bitcoin trading on the Localbitcoins P2P platform in Argentina, while at the end of October this figure barely exceeded 15 million ARS.


Apparently, the increase in trading volume is associated withrecent restrictions by the country's Central Bank, which last week banned the purchase of cryptocurrencies using credit cards. Previously, the Central Bank limited the monthly purchase of dollars from $10,000 to $200, saying that the restrictive measures would last about two months. This uncertainty in the market has created a buzz around Bitcoin among Argentineans.

Venezuela also set a record for deals withBTC on Localbitcoins - a total of 142.9 billion Venezuelan bolivars participated in trading with the most popular cryptocurrency. The economies of both countries continue to suffer from hyperinflation and the economic crisis, which forces residents to turn to cryptocurrencies in an attempt to maintain their savings.


However, not only ordinary citizens think aboutusing cryptocurrencies. In September, the Central Bank of Venezuela said it was conducting internal tests to determine the feasibility of adding cryptocurrencies, particularly BTC and ETH, to its international reserves.