A stablecoin boom has begun in Argentina — citizens of the country are buying digital currency en masse

The beginning of July was an anti-record for Argentina in terms of inflation in the country. After the resignation of the head of the Ministry of Economy (a replacement has not yet been found), the citizens of this country began to worry seriously about the future of their savings, which is why they are massively investing in stablecoins in an attempt to preserve their own funds.

The growth of investments in USDT and DAI in the first days of July amounted to 300%. This is happening against the backdrop of unprecedented inflation, which is already exceeding 60% in annualized terms.

Earlier, the Central Bank of Argentina, under pressure from the IMF, banned banks from conducting any operations with cryptocurrencies. However, today the position of the International Monetary Fund has begun to change — last weekend the IMF concluded that some cryptocurrencies and central bank digital currencies (CBDCs) can be a more efficient payment solution than credit and debit cards, especially in the context of energy consumption.