According to TechFlow, on July 9, Cointelegraph reported that Argentina’s cryptocurrency adoption rate set a record in the Americas, mainly due to the local inflation rate soaring to 276%. According to Forbes analysis, Argentina has the highest cryptocurrency adoption rate in the world, and 2.5 million of the 130 million visitors to the world’s 55 largest exchanges are from Argentina. SimilarWeb data shows that Argentina is the largest market for Binance, one of the world’s largest cryptocurrency exchanges, accounting for 6.9% of its total visits.
Unlike the memecoin craze in the industry, Argentines prefer to hold stablecoins such as Tether (USDT) to cope with high inflation. Although the Argentine government has approved the use of Bitcoin in legal contracts by the end of 2023, the country is still working to establish a regulatory framework. As of now, major exchanges including Binance have not registered with the national securities regulator CNV.
