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The government of Argentina has announced that it will exclude their crypto investors from purchasing Dollars. The government takes this step because of an economic crisis in the country.
In the third week of July 2022 finance minister of Argentina resigned from his post because of political and economic issues troubling the country. The rate of the Argentinian Peso in comparison to a dollar is decreasing, and if it continues the economy may crash soon.
Martin Guzman, ex, finance minister of Argentina, who resigned from his post last week, was the subvocalizer between International Monetary funds and Argentina; after Martin’s resignation, the country’s economy was in trouble.
According to Argentina’s local media, the exchange rate dropped down. The exchange price was nearly 280peso for One dollar, and on some exchanges, the prices touched nearly 300 peso for one dollar.
After Martin Guzman resigned from the post of Finance minister, Silvina Batakis was appointed as the new Finance Minister of Argentina. Still, the Peso’s growth showed no positive signs even after the new finance minister’s appointment.
Argentina’s economic condition is worsening, and Argentina citizens are rushing to exchange their Pesos for US dollars or USDT Stable coins pegged by US dollars.
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Many operators in Argentina have reported a sudden hike in the trading volume of USDT stablecoins of more than 500%. Many other traders have taken advantage of the hike in trading volume.
Reliable reports also mentioned a clear difference between competing Digital dollar prices competing and certain period prices of digital dollar prices overlapping the prices of physical dollar prices.
A hike in the prices of digital dollars and an increase in the trading volume of USDT coins are recorded due to their easy usage and hassle-free trading feature.
Argentina is globally famous for its export commodities like Soyabean, wheat, and maize. Still, the firm has been facing an economic crisis since the mid of first quarter of 2022, and during the crisis, the finance minister resigned from his post. This resignation has impacted finance, but the economy is in more trouble.
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