July 4, 2022

Argentina sets BTC trade record amid new CB restrictions

Last week, the two most sought-after markets in South America - in Argentina and Venezuela - volumes Bitcoin trading reached new records.

According to Coin Dance, over the pasta week more transactions with BTC were made in Argentina and Venezuela than ever. During this period, in Argentina, 19.4 million Argentine pesos (ARS) participated in bidding with bitcoin on the P2P platform Localbitcoins, then 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 with credit cards. Earlier, the Central Bank limited the monthly purchase of dollars from $ 10,000 to $ 200, saying that restrictive measures would last about two months. Such uncertainty in the market caused a stir around bitcoin among residents of Argentina.

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 announced that it was conducting internal tests to determine the possibility of adding cryptocurrencies, in particular BTC and ETH, to its international reserves.