Argentina will allow citizens to receive a salary in cryptocurrency

• An Argentine congressman has proposed passing a law allowing Argentines to receive salaries in cryptocurrency.
• This will be a way to protect against hyperinflation of the Argentine peso.
• Argentines are already actively using cryptocurrencies.

Member of the National Congress of Argentina Jose Luis Ramon introduced a bill according to which all workers and exporters of services will be able to receive partial or full payment in cryptocurrencies.

“I presented a bill that allows employees to receive their salaries in cryptocurrencies. Thanks to this, they will be able to increase their autonomy and preserve the purchasing power of the money they receive ”.

Interesting is Jose's last sentenceLuis Ramona. The fact is that the citizens of Argentina are faced with a huge inflation of the Argentine peso, which is why they cannot use the national currency for its intended purpose - to preserve capital.

This year, the rise in prices for goods and services has already reached 50% year-on-year in local pesos:

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Moreover, inflation is only increasing, which is notallows local residents to store their capital in Argentine pesos. And the use of Bitcoin or other cryptocurrency with predictable and low issuance rates may be a way out. According to Acuant, only 48.7% of Argentines have an open bank account, while 78% of the country's residents have access to the Internet.

"This initiative is essential to create greater autonomy and management of wages without neglecting employee rights.", added Ramon.

In 2019, the Argentine government forcedexporters of labor (that is, people who go abroad to work) convert their income from dollars into Argentine pesos through a payment gateway that the country's Central Bank created. Because of this, people lose money in two cases at once:

• First, the conversion rate is much worse than on the open market;
• Secondly, the Argentine peso is subject to high inflation.

The bill proposed by Ramon allowsworkers to maintain the purchasing power of their money when entering the country. All citizens will have the freedom to choose whether to receive their salary in cryptocurrency or in another currency. In this case, the employer is obliged to pay the costs associated with the transfer of cryptocurrency to the employee.

It is worth noting that many Argentines alreadyswitched to the use of cryptocurrencies within the framework of labor relations. The fact is that they are allowed to buy US dollars in the amount of no more than $200 per month. This imposes certain restrictions, since the Argentine peso is subject to high inflation and devaluation (in 18 months it fell against the dollar from $0.02 to $0.006), and the dollar cannot be purchased in large volumes. Therefore, many people began to directly receive their salaries in cryptocurrency.

Bitwage (fiat currency conversion platforminto cryptocurrency) has recorded a 300% increase in the monthly volume of transactions carried out by residents of Argentina over the past year. And the number of registrations on the platform from Argentines increased by 500%. This data is provided by CoinDesk.

Therefore, the proposed bill is, rather, a legitimization of an already actively developing area.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features &#8212; futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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